We see a sideways tradingbox between 9.900-10.400 (blue). Now we nearly have reached the upper edge of the box. The RSI is signalizing an overbought shortterm Situation.
This upper edge is a trading Level and the Level to watch!
For scalpers, shorting the upper edge and buying the bottom edge makes sense. (In the Chart you see a possible anticyclical short Position)
Trading possibilities:
Prices above the box will generate a TP at 10.650 --> Stop Buy @ 10.417
Prices below the box will generate a Target @ 9.400 --> Stopp Sell @ 9.875
Fixing the upper edge @ 10.380 will generate a shortterm target @ the box bottom @ 9.900
Former Longterm Analysis are still valid:
Correction completed or do we see just a Dead Cat Bounce?
Since the market crashed to its LOW @ 9325 a very fast Rebound started. The upmove reached till the Region of the 38,2 fibo-retracement - the minimum correction Level @ 10.230. At this Level the market turned red again. This conolidation seems to form a bullish shortterm-flag (blue). But the likelihood that the flag will be triggered is not very high, because the flag is oriented against the main trend. Should the flag be triggered, the target would be 10.680-10.800.
So we have some interesting trading-Levels to watch at the Moment:
On the upside are based several resistance zones :
1. The flags upper edge @ 10.270
2. The midterm consolidation downtrend channels bottom edge, which turned into a resist since the market is trading below 10.350
3. The 0,5 fibo (9.341-11.667) @ 10.500
4. The tear-off edge @ 10.650 - STRONG RESIST! Here i exspect a futher selloff to the former low @ 9350
On the downside we see just a view support-zones:
1. The flags bottom edge @ 9.850
2. The former Low @ 9.340
Several moves are thinkable:
Prices above the flags upper edge ( Prices > 10360) can generate a move to 10.500/10.700/10.800
Prices above10.800 will generate a TP @ the consolidation Trends upper edge @ 11.250
Prices below 9. 850 will generate a TP @ 9.340
Prices below 9.340 will generate a further selloff with TP 8.200
Reboundaction!
The market closed 4 days out of his BB - so the likelihood of a shortterm Rebound has to be exspected.
On the way up are based several resists.
-gap bottom edge @ 9.925
-old trendline @ 10.100
-38,2 fibo-retracement 10.220
-0,5 fibo @ 104.91
-the breakoutlevel from the former low @ 10.650
Should These resists hold, a bearish flag may be formed! This Szenario is thinkibla if the market does not rise above 10.490.
The target of the flag would be 8300!!!
Longterm View Monthly: Further 1000 points down?
My bullish midterm view not stands on solid ground anymore!
These days we see a massive selloff. Within 10 Tradingsessions the market lost 1770 Points or 15%. Such a selloff is historical and statsitical very rare and not "normal". First the break of the SMA 200 triggered many strategic stopps. The Break of the former Low @ 10650 triggered the next sl-wave.
Today we have reached with a big downgap a longterm Pivot resistance Level - the former Breakoutlevel @ 10.000 which was the playgrounds upper Zone / Resistance between 06/2014 - 01/2015. This Level also corresponds with the midterm trendline since 09/2011 or the 38,2 fibo, the Minimum correction Level.
Below that Level all swing/trendtraders and market participants who entered the market at 10.000 tend to secure their positions at that Level, cause their positions tend to turn red below this Level. That means that another big sl-wave of the longterm players should be exspected.
If this Level does not hold, i exspect a further selloff - to the main Support Level @ 8150 Points! Here is based the
This upper edge is a trading Level and the Level to watch!
For scalpers, shorting the upper edge and buying the bottom edge makes sense. (In the Chart you see a possible anticyclical short Position)
Trading possibilities:
Prices above the box will generate a TP at 10.650 --> Stop Buy @ 10.417
Prices below the box will generate a Target @ 9.400 --> Stopp Sell @ 9.875
Fixing the upper edge @ 10.380 will generate a shortterm target @ the box bottom @ 9.900
Former Longterm Analysis are still valid:
Correction completed or do we see just a Dead Cat Bounce?
So we have some interesting trading-Levels to watch at the Moment:
On the upside are based several resistance zones :
1. The flags upper edge @ 10.270
2. The midterm consolidation downtrend channels bottom edge, which turned into a resist since the market is trading below 10.350
3. The 0,5 fibo (9.341-11.667) @ 10.500
4. The tear-off edge @ 10.650 - STRONG RESIST! Here i exspect a futher selloff to the former low @ 9350
On the downside we see just a view support-zones:
1. The flags bottom edge @ 9.850
2. The former Low @ 9.340
Several moves are thinkable:
Prices above the flags upper edge ( Prices > 10360) can generate a move to 10.500/10.700/10.800
Prices above10.800 will generate a TP @ the consolidation Trends upper edge @ 11.250
Prices below 9. 850 will generate a TP @ 9.340
Prices below 9.340 will generate a further selloff with TP 8.200
Reboundaction!
On the way up are based several resists.
-gap bottom edge @ 9.925
-old trendline @ 10.100
-38,2 fibo-retracement 10.220
-0,5 fibo @ 104.91
-the breakoutlevel from the former low @ 10.650
Should These resists hold, a bearish flag may be formed! This Szenario is thinkibla if the market does not rise above 10.490.
The target of the flag would be 8300!!!
Longterm View Monthly: Further 1000 points down?
These days we see a massive selloff. Within 10 Tradingsessions the market lost 1770 Points or 15%. Such a selloff is historical and statsitical very rare and not "normal". First the break of the SMA 200 triggered many strategic stopps. The Break of the former Low @ 10650 triggered the next sl-wave.
Today we have reached with a big downgap a longterm Pivot resistance Level - the former Breakoutlevel @ 10.000 which was the playgrounds upper Zone / Resistance between 06/2014 - 01/2015. This Level also corresponds with the midterm trendline since 09/2011 or the 38,2 fibo, the Minimum correction Level.
Below that Level all swing/trendtraders and market participants who entered the market at 10.000 tend to secure their positions at that Level, cause their positions tend to turn red below this Level. That means that another big sl-wave of the longterm players should be exspected.
If this Level does not hold, i exspect a further selloff - to the main Support Level @ 8150 Points! Here is based the