The German DAX exploded last week above its daily downtrend line and closed above the 200 days MA.
To prove that it is a genuine breakout, the DAX will need to re-test 10,000 structure zone (support now) and rally from it higher.
The index completed small bearish Gartley (Gery) near 10500 and that can be the trigger for a short term pullback towards 10,000.
A close below 10,000 will create a False Break and therefore a bearish signal that can be catastrophic for the German Index.
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Tomer, The MarketZone
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To prove that it is a genuine breakout, the DAX will need to re-test 10,000 structure zone (support now) and rally from it higher.
The index completed small bearish Gartley (Gery) near 10500 and that can be the trigger for a short term pullback towards 10,000.
A close below 10,000 will create a False Break and therefore a bearish signal that can be catastrophic for the German Index.
See more on my Youtube channel with a new Weekly Markets Analysis video - goo.gl/spVr18
Tomer, The MarketZone
Follow me on TradingView
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Comment:
Target was reached - Now testing support
Comment:
Looks like we are going down from here. Failed to hold support, back below the downtrend line... we will have to see the weekly close to confirm but for now it looks bearish