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McDev

DAX Fibo projection

Long
DAX Index (FX:GER30)  
McDev Updated   
FX:GER30   DAX Index
germany30 GER30 CFD fibo projection retracement
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germany30 ger30 fibo projection retracement
This is my first attempt in using Fibo Retracements and Arcs to project a future trend target. This is experimental.
The Fibo arc must intersect with the two orange nodes, this is due to the nature of it's implementation as it does not scale with the chart.
Comment:
To give a bit of explanation if you follow the rally upwards you will notice a concentration of price and a decline after an intersection with the arcs. It would be more obvious if I had drawn the bottom point a bit more in the average bottom peak area.
I noticed this phenomenon as I analyzed finished rallies and thought I try to forecast this in case that we are still in a rally.
Comment:
The up-trend is still intact and the SL should be placed below the 0.618 line at 10450.
Comment:
Everything works fine so far. Lets hope for a quick rally soon.
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