Higher Dax argument: - there is a risk that current price action is in wave 4 and there is a potential thrust of wave 5 to target 11200 - it fits in with 61.8% fib retracement for 11200 levels as it confluence with the downtrend line (magenta) and cross well with the rising black line which depict potential exhaustion point - it remain bullish as long as it does not break below its current market structure or below 10650 levels - RSI is high and bullish - this can remain elevated
Lower Dax argument: - only a break of market structure or below 10650 can we call a short term top - If we break below then we can argue that this wave of AB=CD is complete (invalidated EW 1-5) - ideal return targets are the breakout area at 10100 which coincide with the 50% fib retracement
Subject to: - EUR/USD strength - BOJ to either do more easing or not - SPX strength