649bruno
Short

DAX Update: Technical Weakness, Bearish Trend

INDEX:DAX   DAX Stock Index
82 2 3
Update from 4 days ago-DAX.
1. Sell Fractals in effect (red rectangle on chart).
2. Alligator jaws CLOSED in tandem with sell Fractals. Alligator sleeping for now. THIS IS YOUR DIRECTIONAL COMPASS.
3. Chop indicator (under chart) is well above the 38.2 shaded area. This indicates a ZERO trend and, at best, sloppy action with a downward bias.
4. Phase energy (lower top indicator) is below the zero line. Note downward trend.
5. MACD-top indicator-is bearish . NEW NEGATIVE CROSS. This is a sell signal.
6. Prices are trading into the Ichimoku Cloud . This is a sell signal.
8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud . This is a sell signal.
9. Prices are trading below the thick red Ichimoku Cloud conversion line. This is a sell signal.
9. The red Ichimoku Cloud conversion line direction is heading lower. This is a sell signal.
10. The Ki jun-Sen baseline of the Ichimoku Cloud direction is heading lower. This is a sell signal.
11. The CHOP ZONE indicator (under chart) is red, indicating a down trend.
12. The middle top indicator is a forward projection for 9 days of the Ichimoku Cloud conversion line. Readings below the zero line are negative.

The-DAX bounced off of its 233 day moving average (233 is a Fibonacci number). This is an action/ inflection point.
EWG-the I-Shares for the-DAX, has been unable to get above $27.60. There were three failures at this level. This is-DAX 11,425.
A 50% retracement is 10,004. This is a logical downside target. If this holds, AND A RALLY BEGINS FROM 10,004,
there is massive over-head supply from structure to the left. In my opinion the-DAX will remain weak.
Good luck to you in all your trades. Don.
Julio
2 months ago
week 3 to 7, continuos down ?
Reply
649bruno Julio
2 months ago
No, I don't think so. No continuous down. It looks like a zig-zag in a trend-less trading range, approximately 10,800 to 10,200. Plenty of overhead supply after 10,800. Don.
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