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. 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 4h chart, we see that index is still in a sideways consolidation, but still within uptrend as a three-wave (A)-(B)-(C) rally for wave D that can send the price into 15900-16k area.
