climbing_stars
Short

Why so Bullish on Europe?

INDEX:DAX   DAX Stock Index
840 7 11
I just wanted to publish this to show that these bearish monthly patterns aren't just popping up in the U.S. If we can't find any support up here to resume the uptrend, watch 7400. You must understand that this pattern has been building for 11 years. It is not something to take lightly.
Great observation thanks, although the Fibonacci sequence is not 100 percent precise.
Reply
climbing_stars Technician
2 years ago
Thanks, we pushed a little above the 161.8%. But that is usually the case and expected in harmonic patterns. The 11 year AB=CD is on the money though. The important thing is how price reacts when it comes in contact with these levels. A type-1 reversal yields some kind of reaction on the first test of price. Which we had on 12-02-2013. We went from 9388-8989 in the DAX. What usually follows is a rally a tad bit above the PRZ creating a rsi negative divergence. Which was created on 1-13-14 on the weekly chart. This is also to shake out weak hands. We could see a retest of the PRZ now. As this often happens. But I feel this will just yield a better short opportunity. Good luck to you!
Reply
Technician TOP climbing_stars
2 years ago
I generally agree, thanks for ur explanation and good luck to u too
Reply
climbing_stars Technician
2 years ago
Thanks, and anytime.
Reply
vaicru PRO
2 years ago
WHY SO BULLISH ON EUROPE?
-------------------------------------------------
Cause Europe is beautiful.
Reply
climbing_stars vaicru
2 years ago
Haha, this is true.
Reply
vaicru PRO
2 years ago
It is possible you are right
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out