DAX: H&S Projects 7750 Target

FX:GER30   DAX Index
The Weekly chart shows what I believe to be a Head & Shoulders , which if confirmed has 7750 as target
7750 seems crazy, but at least more reasonable than the rally we saw over last few days.
+1 Reply
It would be the ideal scenario to have, and it would eventually go lower. And this is going to be a sharp drop... as for now, especially for the last 3 sessions, DAX is mirroring american indices, with no real fundamental support, which is making it an annoying view: plenty of businesses suffer huge losses because of Russian sanctions, with farming/agriculture completely down, and compensations to follow later this year in range of 5 to 8bln euros if not more. Only Draghi comments on more QE (cheap money killing the long term support growth) is what keeps it floating,.. I expect DAX to retest at least 9000 level, and then if we get a confirmation of a donwtrend channel, we might see it go lower. I would also expect for next 24 month to get a real correction of 18-23%, which means a low of aprx 7.700 from the 10.000 heights. Wish everyone a profitable week ;)!
+1 Reply
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