YaKa

DAX Weekly Picture - My call: SHORT

Short
FX:GER30   DAX Index
3

Disclaimer:
Markets tend to go up - Acknowledged.
Here, participants widely expect a sovereign QE out of europe.
10,200 is resistance but breaking that would open to 11,000/11,600.

At the end of any rally, you have many supports on the way down that end up being broken.
Here, my view is QE in europe will not go down well (either wont happen or wont be well received).

Supports are:
9500
9110
8600
7235

My call: a large correction to 7200/7500 is in the brewer for the next few months.

Invalidation of that call: a close above 10300, which would keep me watching in amazement to 11,000