The DAX is now down more than 10% below its closing high at 12,386 on April 10, 2015. The market hasn't closed yet but it is catching attention.
The current downtrend has 17 days around the 11,400 level and the trading range around the 11,400 is nearly 800 points, so the downside projection using Time@Mode gives a target down at 10,600 over the next couple of weeks. We are only in day 2 of a 17-day decline at the moment.
The "profile" of the decline is from drawing boxes at each price level that the market traded and is quite tedious to produce. Small errors are possible. I have added some colored bars to delineate the various moves in DAX. I didn't pick the most advantageous spot to draw the profile over a month ago, so the profile and the bars are overlapping each other.
I imagine many technicians will be reviewing the DAX chart as it could be a harbinger of stock market action around the globe.
Tim 11057 last DAX 11:50AM EST June 8, 2015
The current downtrend has 17 days around the 11,400 level and the trading range around the 11,400 is nearly 800 points, so the downside projection using Time@Mode gives a target down at 10,600 over the next couple of weeks. We are only in day 2 of a 17-day decline at the moment.
The "profile" of the decline is from drawing boxes at each price level that the market traded and is quite tedious to produce. Small errors are possible. I have added some colored bars to delineate the various moves in DAX. I didn't pick the most advantageous spot to draw the profile over a month ago, so the profile and the bars are overlapping each other.
I imagine many technicians will be reviewing the DAX chart as it could be a harbinger of stock market action around the globe.
Tim 11057 last DAX 11:50AM EST June 8, 2015
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