The DAX hardly moved last week, trading sideways through the path marking its recent upward trend. Sellers therefore appear to dominate buyers, as the price is not bouncing higher, as it did on its last cyclical lows.
The 2017 rally has followed a path of cycles lasting 70 days. The last week marked the end of the recent cycle with no subsequent rally.
Despite the trend still pointing to higher prices, the biggest sell-off for the year that occurred on the 29th June, followed by this consolidation at a lower level, would indicate a further sell-off is likely.
The natural price target from here would be 12,000.
The 2017 rally has followed a path of cycles lasting 70 days. The last week marked the end of the recent cycle with no subsequent rally.
Despite the trend still pointing to higher prices, the biggest sell-off for the year that occurred on the 29th June, followed by this consolidation at a lower level, would indicate a further sell-off is likely.
The natural price target from here would be 12,000.
Comment:
Yellen...
Comment:
The Fed & ECB didnt win this time.. markets appear to be losing faith