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DAX nearing a consolidation phase

XETR:DAX   DAX Index
Currently the DAX is in a upwards trend.

**Healthy uptrend**

- SMA 20 remains above SMA 50
- SMA 50 remains above SMA 200
- ADX still indicates an ongoing uptrend
- 3/10 MACD shows no divergences on the upside.

**Questions**

- If the ADX switches to range mode or neutral mode, the Bollinger bands would indicate a bottom of 12808.
- If the consolidation proceeds it is likely to reach the Fibonacci target at 12697.

**Minor Correction**

- The price broke the SMA 20 to the downside
- The price pulled back to the SMA 50
- ADX is falling sharply

**Correction Targets**

- break of the 38% Fibonacci retracement
- Euro Stoxx 50 tested the 50% Fibonacci retracement

**Opinion**

The picture would be whole when the market uses the lower Bollinger band to move into a sideways consolidation with a slight negative slope until the 50% retracement is reached and the SMA 200 is reached by the start of next year around 12700 points.

A different reading would see the first test of SMA 50 after the trend change in early September as a confirmation of the uptrend and as a buying opportunity.

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