On the monthly level, the DAX has not yet given a long-term sell signal. August indeed produced the Panic Cycle the computer highlighted for August, and we still see September as a target for a turning point.


If the DAX can establish a low with the ECM, then it will be in a position to rally further upon electing any Bullish Reversal generated from that low. This would seriously imply that the shift from public to private assets will be seen in Germany as well.

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