In previous analyzes of the German stock exchange index DAX, we pointed to the possible significance of the area of 8400 - 8500 points. An expansion of 161.8 percent measured for wave A as a potential extended target for the downward wave C was in this area.
The market has tested this area and seems to be turning back. Therefore, in the best scenario for bulls, the C wave could end in correction, and this could mean a new upward impulse.
However, if support were negated, then bears can push the DAX towards a possible target for the formation of a double top in the area of 7024 points.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The market has tested this area and seems to be turning back. Therefore, in the best scenario for bulls, the C wave could end in correction, and this could mean a new upward impulse.
However, if support were negated, then bears can push the DAX towards a possible target for the formation of a double top in the area of 7024 points.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
