chronictrader

Possible Trend Change?

FX:GER30   DAX Index
Very simple trend channel chart. We said it'd touch 10650 before rebounding to test the bears @ 11420 area. Dax             has successfully done that now. Make or break next week. A rejection of the the deal proposed will see the dax             see a huge sell off to that 11320-450 area where there is horizontal support and trend support. It was also a previous breakout areas. However, if that 10650 was to be the bottom we'll see an initial rally possibly to that 11620-11680 area but the bulls would have to be tested (blue line)
I think 10650 is already the bottom. If the index break the red trend line, then the minimum price to be achieved would be 12398. But I'm not sure can it be reached before September this year. Nice chart!
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