Perfect reversal from the PRZ - next potential sell zone is..
In the previous time I covered GER30 it was heading towards the completion of a bearish Bat pattern (see linked idea).
We had two sell zones - 11,000 (structure and 200 SMA line) and 11,400 (Bat pattern completion.
The anticipation that Draghi will fire his Bazooka pushed GER30 beyond the 200 SMA line and the strong resistance zone of 11,000 and it completed the Bat pattern just before the ECB press conference.
On last Thursday, the day of the ECB, GER30 rallied 1% to create a Kiss of Death setup just before it crashed into First target zone
Now, as the price is again below the 200 SMA line and below 11,000 (also below it's downtrend line), I expect continuation lower towards secondary target zone near 10,200.
In the chart you can see potential R/R
*Due to the coming FOMC meeting, I expect higher volatility from stock markets indices.
Tomer, The MarketZone
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We had two sell zones - 11,000 (structure and 200 SMA line) and 11,400 (Bat pattern completion.
The anticipation that Draghi will fire his Bazooka pushed GER30 beyond the 200 SMA line and the strong resistance zone of 11,000 and it completed the Bat pattern just before the ECB press conference.
On last Thursday, the day of the ECB, GER30 rallied 1% to create a Kiss of Death setup just before it crashed into First target zone
Now, as the price is again below the 200 SMA line and below 11,000 (also below it's downtrend line), I expect continuation lower towards secondary target zone near 10,200.
In the chart you can see potential R/R
*Due to the coming FOMC meeting, I expect higher volatility from stock markets indices.
Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - goo.gl/R3gPVE
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Comment:
Correction - My latest TradingView analysis didn't include the Bat pattern. The Bat pattern was mentioned in my weekly newsletter last week goo.gl/QR35d3
Comment:
Sell zone includes:
Downtrend line
Structure
61.8 Fib level
Broken trading channel bottom
Downtrend line
Structure
61.8 Fib level
Broken trading channel bottom
