pvanderv
Long

DAX index week chart

INDEX:DAX   DAX Stock Index
44 0 1
Since mid Jun 2011 an uptrend of the weekly DAX index             is nicely enclosed within an Andrews Pitchfork . As from Jun 2014 there is some turbulence in the trend but the Pitchfork remains intact so far. The latter can be explained as the 4th leg of an EW starting in 2011. Based on a calculation length of leg 3 times 0.62, the final 5 leg indicate a top at around 11000.
A positive indication of continuation of the upward trend is indicated in positive breakout of the RSI and positive divergence of the MACD .
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