Siemens AG’s shares are looking bearish on the 1-hour chart. A 10 $ drop-off in five waves from 101 to 91, followed by a 3-wave a-b-c zig-zag would have been enough to send prices down again. However, corrections seldom are so simple. It seems that we are currently in wave Y up, which should make a top above the end of wave W. Levels around 97.50 – 98.00 should provide good selling entries. With a stop loss at 101 and target at 89, the risk/reward ratio is 3:1.