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.
It is possible you are right
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WHY SO BULLISH ON EUROPE?
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Cause Europe is beautiful.
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Haha, this is true.
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Great observation thanks, although the Fibonacci sequence is not 100 percent precise.
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climbing_stars Technician
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!
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Technician PRO climbing_stars
I generally agree, thanks for ur explanation and good luck to u too
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climbing_stars Technician
Thanks, and anytime.
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