The FTSE 100 reached my target at 7000, the UK index moved above that level, the high so far is 7040. However the structure of the wave is not complete, I now expect the rally to end higher near 7100.
This is confirmed by other markets like the DAX.
The latest pullback in the DAX could be wave iv (circle). This is explained by the formation of an expanded flat pattern, the DAX made a new high above wave iii (circle) and declined sharply, below the previous pullback. This sharp decline is an impulse wave. The third wave of an expanded flat is an impulse wave so I believe wave iv (circle) ended at 15071. The rally is wave v (circle), the target is 15700.
Bullish breakout on copper
I expected a bullish breakout and I told members of the position trading strategy to go long copper. We are already up nearly 6% on copper (May). If you like to trade other markets like commodities I recommend the position trading strategy.
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