wolfah
Short

DAX bearish now?

TVC:DEU30   DAX Index
DAX's last leg, starting 2018-03-28, is topping or has topped on Friday (High: 13030)!
Details EW and Fib.:
- "Subminuette"- level (grey): Wave 5 stopped almost at 1,000 (13182,7) of wave 3. This 1:1 relation is quite common!
IMPORTANT NOTE: Waves 3 and 4 could also be taken as waves A and B of a corrective pattern ( ZigZag ), which would end at the same level for the terminating wave c (A:C=1:1)!
- "Micro"-level (magenta, Extension1-pattern): Wave 5 stopped near 0,618 of wave 3, which is also very common. Furthermore, in an Extension 1, wave 5 is always the shortest wave and wave 3 is not allowed to be the shortest wave.
Details for line studies:
DAX is still within the mediumterm trend channel (black) and the dotted channel-lines are showing clearly the flattening of the trend, during May.
TARGETS: As explained above and shown in the chart, next target for a poss. wave 2 could be 0,618 of the whole wave 1 (red), which would be 12251.3, BUT if this terminated wave has an corrective ABC count AND is part of a bigger corrective pattern, the probable TP would be below 11500!!!
BTW, Friday's session could be interpreted as an unfinished "Starting Diagonal" and my algos only accept an ABC-corrective pattern!

Comment: See below DE30EUR : Starting Diagonal or Diagonal 2 on 5m.
Comment:
Comment: If it trades above 13100 on Monday....
Comment: Update after Friday's Close on 5m:
Comment: CASH DAX:
Comment:
Comment: DEU30:
Comment: NOTE: "Minuette" wave 1 could also be read as a "Minuette" wave 3! This would better explain the rel. small correction of the following ABC pattern (="Minuette"-wave 4)! See below for DE30EUR:
Comment:
Comment: NOTE: DAX is in a "Subminuette"-wave b (grey) Targets for this wave could be 0,618 (TP1=13050) of "Subminuette"-wave a (grey) OR 1,000 (TP2=13206) as shown in the chart. From either of these levels, there would be a rel. strong wave c (grey and not shown!), to terminate this pattern! This final wave should have 1-2-3-4-5 (impulsive) counts and would give us the desired "Minuette" 4 (red) !!!
Comment: Below: DE30EUR overlay with UDXUSD (black) on 15m scale:
Comment:
Comment: Triple bottom on UDXUSD (?) and increasing volume from low to low on DE30EUR.
Excellent work. Same view.
Reply
Thank you for sharing!
Reply
Chimbarosa Chimbarosa
@amphibian, We have an inside bay on the daily... I will set-up the orders. Thanks man!
Reply
wolfah Chimbarosa
@amphibian, thx, what is a "inside bay"?
Reply
@wolfah, Sorry this was a typo inside bar of course
Reply
wolfah Chimbarosa
@amphibian, YES and good luck!!! thx
Reply
Hello,is still valid this idea?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out