After the first bearish reaction on the USD after US CPI yesterday, the currency turned down later during the US session. Probably it was due to higher 10 year US yields. Stocks also came down for correction after which, we can week at least one leg up.
S&P500 Elliott Wave Analysis
S&P500 is coming down after US CPI figures, away from 4595 resistance, but so far only with three waves so it can even be a wave X as part of wave B) rally. Nice resistance remains at 78.6% near 4700-4750. A sharp drop to around 4300 will suggest that wave C) down is already underway.
German DAX Elliott Wave Analysis
We see German DAX in a big fourth wave on a daily chart, meaning more upside can be seen in upcoming months, possibly after a completed triangle which can be in the final stages or still in progress. On the 4h chart, we see that the index is still in a sideways consolidation, but still within an uptrend as a three-wave (A)-(B)-(C) rally for wave D that can send the price into the 15900-16k area.
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