Weekly review / Седмичен преглед

Perfect week!!! As predicted red Monday move higher and sell off. It was so strong, it went like hot knife through butter eliminating right away the alternate scenario. So my plan is still playing out - we will see a lower low before a strong move up.

The plan - 1 or 2 days relief move and then the final leg down in the next one or two weeks. I think SP500 will find support around ~1080.
Alternate scenario is some very bad fundamental news like Greek default and plunge to major support around ~1020. If it plays will not be so bad when you are on the right side:)
I think there is no much left on the down side and I am watching 1100-1080. First look at the DAX chart bellow, I think DAX is bottoming. Second we had a huge sell off this week, but this way the bear is burning its fuel too fast and this is secondary sell off not the first.

Short term - 1 or 2 days relief move reseting the histogram on the hourly chart, but first it must break resistance at 1140. Best bullish case ~1170 which is resistance,50% retracement and test of the broken trend line. Watch the histogram making tower and turning down.

DAX is holding support, very strong bounce and another hammer candlestick from the lows - support level and 61,8% Fibo retracement from the 2009 lows. It looks like a double bottom. That is one reason why I think there is no much left on the down side.