we had a very rough time and there are still a lot of political concerning circumstances against my assumption. It looks like the market trys to grab every chance it can get to buy DAX for such a low price.
The german market was able to prove its sentiment within the last week since the US-market was in "Holiday" and gave us no impulses to follow during the Wallstreet-Session. The market was just uncertain and didn`t move at all. What does that mean?
It seems like the german / european market has no own opinion about the current situation.
Are we waiting for actions of Trump and the white house? Are we waiting for sales numbers after the black friday? Are we waiting for the Brexit?
There are 5 important upcomig events next week:
1. Trump-Xi Meeting 2. Brexit Developments 3. FED: Powell Speaks 4. U.S. 3Q GDP - Second Estimate5 5. Euro Zone Flash Inflation
Technical situation:
As you can see, we are currently in a situation which looks like a decent correction after the impuls-phase that started in Feb.2016 and ended in the beginning of this year.
Since we were violating 12.000, the market is still very bearish and could continue the joruney.
Technically it`s pretty likely to see a retracement in order to create the WAVE B of wave (Y) to retest the golden and psychologically very important mark of 12.000.
The market could prove it`s creed and should give us a clear direction forcing more market-players to react.
We still see a double-bottom @ 11.000 with a neckline @ 11.687! If we trigger that pattern we could head to the big battlefield at 12.000 and find the path the DAX really wants to go.
Remember: The seasonality is great! The years-end-rally could give us nice chances to buy the market.
And as often, the END-BOSS will activate the "Rage-mode" before he capitulates! ;-D
But yeah, everything CAN HAPPEN.
Have a nice start into the new week!
Peace and good trades Irasor Wanna see more? Don`t forgetto follow me. Any questions? PM me. :-)
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Peace and good trades Irasor Trading2ez
Wanna see more? Don`t forget to follow me. Any questions? PM me. :-)
@m4riovolp3, absolutley. But I`m still wondering about the US-market. They did not break significant lows and still bounce off the bottom of this year.
m4riovolp3
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@Irasor, EU politicians, upcoming banishment of the gasoline cars in Germany and allegedly, the budgetary problems are pressing the german economy more than Trump's own one...
Trading2ez
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@m4riovolp3, true! :-) My target for the drop is still @ 10.608! Chart will come :)
UnknownUnicorn1300833
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target hit
UnknownUnicorn1300833
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dax has closed below its falling 21ma today, next support area is 11066.40, I wouldn't consider thinking of getting even mildly bullish until it bobbles about there
Trading2ez
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@marberisking, Yeah. The market is driven by news and has doubts in a deal between USA and China.
UnknownUnicorn1300833
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@Irasor, nope, I ignore all news and use technical only, I don't care what the news is, technical lead, always
Trading2ez
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@marberisking, Like - Show me the chart and I tell you the news ;-P
AS a TA, you believe that every single action of the market-players is shown in the price-history. That`s true.
But political markets will always dominate the TA, especially the forex-market. In this case it is up to the timeframe that you trade.
The longer the timeframe, the more fundamentels you should include into your analyses.
1. Price-Action
2. Sentiment
3. Fundamentals
But yeah.. that`s just my view! ;) Good Luck!
m4riovolp3
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Nice Chart & nice idea. Good that we are talking on the same page: look at my idea, please. What do u think about that, mate?