Stocks are coming down since yesterday, with DAX futures 190 points from recent high so it seems that corrective set-back can already be in progress. This will be a deeper retracement in three legs which may drive DAX back to 10800/10820 area, where it can be an interesting zone for a bounce.

German DAX, 1h

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If stocks are in a bearish/temporary set-back then gold may find support. In fact, we see precious metal late stages of a wave C) of four. Well, maybe another leg down to 1273 is coming to clear stops below 1276 from where we would expect a new turn to the upside, for a fifth wave up.

GOLD, 1h

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