Luettis

DAX weak

XETR:DAX   DAX Index
My own projection with a 12345 motive wave to higher prices has been false. The german index turned and tested the lower limit of the ascending trend channel. After haveing rebounded on this support it soon turned again on the fib retracement 78.6% (12600).
If it falls again on the lower limit of the channel, we can see the pattern of an inverted cup with handle (blue). In this case the index shall not break through the neckline causing severe consequences to the further movements:
a) leaving the long positive trend channel to the bottom
b) crossing the positive long term trend
The next support would be the fib retracement at 50% (11.280) - not very strong.

RSI is now neutral but with negative tendence (see trend line ).
MACD is in bearish zone; signal line not triggered what could give hope (4h- candles the MACD is in bullish terrain but triggered to the bottom).

Conclusion: the DAX is weak

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