alx13

DAX triangle break-out

FX:GER30   DAX Index
The triangle I highlighted yesterday played out. The DAX             rallied, came within 10 points of the upper trend line and then retreated a bit. The retreat of wave e of the triangle was very small, it undershot the lower TL by a lot, but that can happen.

Now that we have the triangle break-out, the direction is up. We need to complete a 5 wave impulse to finish the C wave of this (presumed) 4th wave - a-b-c bounce.

The line at 11.022 is where wave 1 of the correction is, so if we overlap that it either means a bear nest or something more bullish . I do not expect the said overlap though.

For traders, there is great news coming from mcm.
http://mcm-ct.com/blog/public/

They have developed short-term trading tools also for dax             (previously had only for s&p             and dow). This is a major deal as these tools provide a great edge especially in this very stressed environment.

I started a cooperation with them on that regard, so if you have any questions about the tools or are potentially interested in how they work please contact me anytime at alex@mcm-ct.com..

Good luck to your trading!
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