GER30 future - After previous analysis, DAX was unable to test 14131 the all-time high from the past trading week.
Bear scenario:
It is important for bulls that the price zone at 13718 not undercut on a weekly basis. Should this price zone be undercut sustainably, the bears could continue to gain strength and push the bulls back down to 13249 - 13460.
Bull scenario:
Bulls can regain their strength and should recapture the price zone of 13990 . If the bulls succeed in doing this and continue to the all-time high at 14131 then the next price targets are at 14294 and then 14440 and 14750.
Trend analysis assume that an initial correction will begin in week 4 and week 5. The market could then come under pressure. The structure of the market currently does not allow a medium term sell-off. This could change over the week but there is no trend reversal in sight.
If we break resistance it become support If we break support it become resistance. Buy and Sell confirmation: Bull market don’t buy if the RSI is overbought always wait for pullback. Bear market only sell when the RSI is overbought.
Keep it simple and trade with the trend – you will never loose and live 10 years longer!
Germany30 and S&P500 Intraday analysis August 23rd. and weekly update 34. Posted at twitter: twitter.com/SP500_Dow