FTSE 100

FTSE remains in steep descend for the sixth straight day, riding on extended wave C of five-wave cycle from 7092 (11 Oct peak). Bears approached key short-term support at 6640 (15 Sep trough) that also lies near 200% Fibonacci expansion of the wave C from 7039 (24 Oct lower top).
Return to 6640 support will confirm full retracement of 6640/7092 upleg and open way for stronger retracement of larger ascend from 5674 (24 June low) to 7092 (11 Oct peak).
Below 6640 handle, next support lies at 6550 (Fibo 38.2% of 5674/7092), which lies just under 6558 (238.2% Fibonacci expansion of extended wave C).
Session high at 6747 marks initial resistance, laying near the base of thin daily cloud (spanned between 6755 and 6796), which should ideally cap corrective upticks.
However, deeply oversold Slow Stochastic and daily RSI entering oversold zone, suggest correction of steep fall of this week that should be anticipated in the near term, but no reversal signals being generated so far.

Res: 6700; 6747; 6796; 6846
Sup: 6655; 6640; 6550; 6511

DAX
Dax is consolidating above fresh five-week low at 10205, reached on strong bearish acceleration that extended in the fourth day. Steep fall from 10737 (01 Nov lower top, also marks extended third wave of five-wave descend from 10824 (25 Oct high / top of prolonged congestion from mid-Aug). Fresh weakness approaches key s/t support at 10172 (30 Sep low, also low of 10172/10824 congestion), break of which would confirm lower platform at 10820 zone and trigger further retracement of larger 9151/10824 (24 June / 25 Oct ascend).
The wave could extend to its FE 238.2% at 10118, possibly to 10077 (200SMA).
Daily cloud base offers solid resistance at 10356.
Res: 10269; 10336; 10356; 10464
Sup: 10205; 10172; 10118; 10077

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