This is an exercise where to anker inside median line (IML) and i used a 4H timeframe
Lets start to look at the bigger picture.
Dax trend is up waving between the bleu channel lines.
We are currently at the bottom of the major trendline and could be indication of a reversal.
When we look at the Green IML ,anker point (green cirkel ( 50% ) taken from the swing high,dax is about to bounce off that line for the second tine.That doesnt mean it has to,it can drop tru and going for a new low,but at this time the major Blue trendline holds.
But there is another IML,the Yellow Inside median line.
Anker point of that yellow IML taken from the swing low (50% ) yellow circel.
At this point,this yellow IML and parallel lines could be the most important for now.It could bounce off from there and keep the blue channel intact.
The Red Normal Fork is also in play at this time to look what action we may expect in the near furure.
So overall,A reverse from this point can be expected.Green IML - Yellow bottom - Red median line.
There is a pocket developing now between 10950 - 11100 a break of 1 of these 2 levels will decide the direction.
My bet is to the upside and first target would be than 11250.That also keeps the blue upward channel intact.
If we break to the upside ,first target would be 11250 Yellow IML. 11500 yellow and green top line.
If we break to the downside we should follow the red fork and bottom line should be tested 10400-10200
I would be very happy with your comments on this,I am not a big fan of fork lines but this was an exercise for me.
If you like this analysis ,HIT the LIKE button
twitter.com/geert2020
Lets start to look at the bigger picture.
Dax trend is up waving between the bleu channel lines.
We are currently at the bottom of the major trendline and could be indication of a reversal.
When we look at the Green IML ,anker point (green cirkel ( 50% ) taken from the swing high,dax is about to bounce off that line for the second tine.That doesnt mean it has to,it can drop tru and going for a new low,but at this time the major Blue trendline holds.
But there is another IML,the Yellow Inside median line.
Anker point of that yellow IML taken from the swing low (50% ) yellow circel.
At this point,this yellow IML and parallel lines could be the most important for now.It could bounce off from there and keep the blue channel intact.
The Red Normal Fork is also in play at this time to look what action we may expect in the near furure.
So overall,A reverse from this point can be expected.Green IML - Yellow bottom - Red median line.
There is a pocket developing now between 10950 - 11100 a break of 1 of these 2 levels will decide the direction.
My bet is to the upside and first target would be than 11250.That also keeps the blue upward channel intact.
If we break to the upside ,first target would be 11250 Yellow IML. 11500 yellow and green top line.
If we break to the downside we should follow the red fork and bottom line should be tested 10400-10200
I would be very happy with your comments on this,I am not a big fan of fork lines but this was an exercise for me.
If you like this analysis ,HIT the LIKE button
twitter.com/geert2020