AbansGlobalLimited
Short

DAX heading lower towards 10500 in the short term

XETR:DAX   DAX Index
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.

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