DAX - Target 7500 - Invalidation 9450 - Short 9200/9300 Stp 9450

FX:GER30   DAX index of German listed shares
283 6 10
DAX             has corrected 18% down and it is challenging to see it going lower but I still think this is what is going to happen:
1) Normal correction on the DAX             are 10/14% within the lower degree correction.
2) Therefore it is not abnormal to see a 25% correction in total when SP500             has to correct 18%.
3) I am awaiting a correction similar to the one we had in Aug11.
Timing: the next 6 weeks

wave I from 09 to 11 was 100% up and retraced 61.8%
wave II from 11 to 14 was also 100% and i expect a retracement of 50% in total
the orange lines that indicate resistance on your chart, look very weak (if existent at all).
however i agree that there is potential for more down atleast to the .382 fib.
Last time DAX broke down like this (where you have drawn the first fibs) , we didn't have a corrective move up to the neckline though. At this time we do, so the expectation for another big down leg might be over-enthusiastic :)
YaKa PRO MagnusTradingGroup
The most powerful lines are the hidden ones. And to find them you need to remove excesses. They end up looking weak but are actually stronger. Thx for comment.
Nice cluster of trend lines just over the current market - Nice top formation. Thanks.
yep this was a beautiful short opportunity. I was eyeballing that top / neckline breakdown for a couple weeks already...
DAX: Will it break ?