A textbook bearish formation has been spotted in Deutsche Bank (DB) (traded in Xetra Germany) according to Elliott waves. A 5 wave decline has been seen and together with a price break below my automated indicator, I expect a bounce towards 18.30-18.50€ to go short and use the highs as stop.

The minimum expectation is for another 5 wave decline towards 16€ if not a larger scale bearish reversal. I will be looking to sell DBK with a stop at the recent highs.