Analyzing the DAX 30 we’ve seen similar reactions in the American and British indexes. According to market reports, the E.U. is bullish on a unified stance on a BREXIT extension until January 31st. The British Prime Minister is in the trenches trying to fight this, but The E.U. are optimistic.
The DAX 30 rallied just shy of +2.00% last week on positive sentiment. The impulsive push higher is now pressing against an inside rising wedge. We could see prices in the DAX 30 pop just above 13,000.00 before succumbing to possibly 12,400.00
We believe this is the 3rd touch of the larger higher wedge pattern which will be in line with the inside wedge. 4 Hour candles are printing smaller and have had it’s 3rd ceiling touch as well.
THE PLAY: We are bearish, waiting for a close below 12,800.00 on the Daily Chart.