DAX hourly chart has been presented here with potential wave counts. It seems that the indice has completed a corrective rally Wave (2) around 12913 levels, on June 08, 2020. If the count holds well, DAX should stay below 12193 and continue lower towards 10500 levels in the short term. Digging further into the lower degree wave counts, the drop between 12913 and 11602 can be sub divided into 5 waves, making it an impulse Wave 1. The rally towards 12600 levels managed to reach 12600 (Wave 2), which is very close to the fibonacci 0.786 retracement of Wave 1. If the above counts are correct, DAX is on its way lower towards 10500, as Wave 3 unfolds. Overall, the indices remains good potential to be sold on rallies.
Short, stop @ 13000, target @ 10500 and lower.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Short, stop @ 13000, target @ 10500 and lower.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.