Another week has passed and the selling force has not been stopped - not mentioning reversed. The neck line has been broken as the trigger of huge Head and Shoulders . As we can see DAX is weaker than USA markets which has not broke previous lows which represents the DAX neck line - more selling will come now in this case as I look forward to see new lows in America. In addition the 2014 performance is way negative already since two weeks
Last week - as I was expecting - began with more downside pressure on the markets , after the week end came we can assume that the some kind of wave 3 has found it's bottom or maybe it was just a part of wave 3 ... the pullback we saw/see is not the end of the selling imo - just some breather and more will come. Return to the neck line of the H&S formation. Just a quick reminder of 2014 performance :
My target for DAX is at 8700 level. Next month ECB will begin a a huge buy assets program and for me means that we going to new all time highs until the end of 2014. At 8700 i will get a big fat long position again, now is time to TRY kill longs.