can see massive downside on dax
Some caution is necessary since the last high 1143087 was important given we did obtain two sell signals from that event established during November 2015. Critical support still underlies this market at 939534 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible. Subsequently, the market made a low in February at 869929 electing two buy signals from that event. Critical resistance now stands on a monthly closing basis at 1088699 and a break above that level on a monthly closing basis would warn of a continued advance ahead becomes possible. Currently, this market remains in an uptrend posture on all our indicators looking at the weekly level. We see here the trend has been moving up for the past 5 weeks. The last weekly level low was 1017492, which formed during the week of November 7th. The last high on the weekly level was 1145157, which was created during the week of December 12th. Looking at a broader time horizon, this market is in an uptrend position on all our monthly indicators for the near term trend. We see here the trend has been moving up for the past 9 months. The last monthly level low was 869929, which formed during February. The last high on the monthly level was 1082772, which was created during October. We have generated a buy signal so some caution is required. We see that the trend should change come this month so pay attention to events ahead.