The score of Thursday’s session looks like it was boring session without much volatility, but truth is totally different. As expected, session on DAX started with bearish gap and further depreciation. DAX reached to 10,500 pts level, it means that October 28th bullish gap is closed. Later there was a rebound but volume was small what means that this session is not a major break, in the next days bears can attack stronger.

On Thursday European indices were helped by decreasing EURUSD and gains on Wall Street but it didn’t cause increases. CAC40 -0.05% and FTSE100 -0.63%. On the other side Greek ATHEX +2.99%, Polish WIG20 +1.45%. In Germany only DAX ended session in green zone +0.06%, the other indices decreased: MDAX -0.19%, SDAX -1.03%, TECDAX -1.75%. 17 out of 30 DAX companies gained, the most Volkswagen +1.14%, Lufthansa +1.00%. None of the DAX companies lost more than 1% of value.

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Early in the morning there was publication of data about German inflation, it was the same like last time and consistent with expectations. It didn’t cause any reaction on DAX futures. There is less than week to FED decision about interest rates and we should expect more volatility on the markets. DAX can test fibo 61.8% in 10,100 pts area or even 78.6% on 9,750 pts. The behaviour of DAX will show us where we are according to Elliot Waves theory.

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