Pashabxl
Short

DAX: On the eve of the correction pending ECB

INDEX:DAX   DAX Stock Index
DAX             is on the eve of a correction based on the chart and indicators. There is NO sign a reversal trend, but rather a correction due to the very rapid increase of the index.
Disreguarding any ECB announcement on June 4th, DAX             may face a little corrective move.
Since FED's QE3, my headline goal was 9706 based on calculation, Fibo projection, volume calculation and in particular based on primary effect of QE1 and QE2.
Therefore, s far as I am concerned, without taking into accound ECB eventual intervention on the market, 9706 is the achievement. Above that level, everything would be illusive if there is not a correction on the market. On a long term perspective and after a healthy correction, the next move may be toward 10000 or over. But yet, baring in mind the tappering, and based on indicators, we may face a correction. The healthy correction may be to face 9540, 9475, 9224, 8986 as drawn on the Graphic. Between 8986 and 8400, I think that would be the channel where DAX             would search itself based on ECB, interest rate in Europe and US, ECB's eventual Quantitative easing, ABS LTRO, unemployment rates in Europe and USA and the growth rate in Asia and even without mentioning EURUSD             parity.
In between MA50 and MA100, the signals , the investors confidence into World Economy will give I guess the correct momentum....Bare in mind that tis is a weekly chart.
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