10,000 will be tested if the DAX will overcome this Triangle

Jul 10, 2016

GER30 rallied once again from the weekly support zone shown as blue box in the chart. The support zone, which is also the bottom of a Triangle pattern, managed to push GER30 higher twice despite the recent Brexit turmoil.
Now, following Friday's NFP rally, GER30 is testing its daily downtrend line (dashed red lines) in an attempt to breakout of the daily Triangle pattern.
If it will succeed, the first target zone is the 10,000 level and the 200 days MA line.
The secondary target, if GER30 will continue north above the 200 days MA line, can be the completion of a bearish Gartley pattern (yellow) near 10,800.

The bears must wait for a breakdown of the base of the Triangle. Aggressive bears may want to try to short the trend line as long as it holds as resistance, but if it'll break, don't try to fight it - The markets momentum continues to be bullish thanks to central banks all over the world

Tomer, The MarketZone
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Jul 12, 2016

Note

First target reached

Jul 31, 2016

Note

Advancing towards final target zone.
Just like DIA and SPY still left some short term upside
goo.gl/NOAw5M

Aug 10, 2016

Trade closed: target reached

Approaching final target zone - Trade closed - Preparing to short it

Aug 12, 2016

Note

The DAX and the FTSE completed bearish harmonic patterns (weekly) - goo.gl/LJ0O6l