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Short

DAX might stay below 12922 highs carved on June 08!

XETR:DAX   DAX Index
DAX has surprised many traders as the indice rallied almost 1000 points from 11600 through 12600. High probability remains for a sharp reversal from here, until 12920 holds. The short term wave counts are as follows: The drop from 12920 through 11600 was in 5 waves, hence labelled as lower degree Wave 1 on the chart. The subsequent rally is corrective and has managed to reach the fibonacci 0.786 retracement of the earlier drop , Wave 2 on the chart. If the above holds true, we should witness a sharp drop towards 9500 levels as Wave 3 unfolds. The larger degree counts suggest DAX has carved Waves (1) and (2) around 8255 and 12920 respectively. If the counts are correct, prices should stay below 12920 (ideally 13800) and reverse sharply lower towards 8000, going forward.

Strategy:

Short against 13800, targeting below 8000

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Comments

for analyse dax use fdax1! ortype= fx:ger30
https://www.tradingview.com/chart?symbol=FX%3AGER30
above dax is cash phisical dax
Reply
ExclusiveMarkets ramin_trader2006
@ramin_trader2006, Thank you :)
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