mr.dmizer

Still a way to go down

FX:GER30   The DAX Index
528 0 2
I believe that DAX             will hit critical buyers somewhere between 6 and 5 k, so there is a good way left. However we are now extending past the latest swing low, this movement cannot continue forever and should be exhausted by the time we reach 8 200s. In other words we may expect a surge back to 10 100s, where DAX             should find more powerful sellers before it gets pushed down to 6 k.
Comment: Daily chart:
It appears that we made a bounce of the lower median line (blue, dashed) and are heading back to re-test the prior swing low (orange, horizontal) from below. If we stop at that level without even reaching to the nearby center line (grey, dotted) I will see it as a sign of extreme weakness and expect a rapid acceleration to the downside.
Comment: This analysis is no longer considered to be valid. Thank you for your attention and happy trading!
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