Dluginacci
Long

DAX30 - Where are we at?

FX:GER30   DAX index of German listed shares
The last few weeks went like a clockwork. Basically every target zone got hit, every support held and the price action matched perfectly into the overall image of my Analysis.

Now, since we have reached an ATH             (all-time-high) at ~12.222 the price consolidated - which again - fit perfectly into my Elliot Wave count, as a small correction was overdue. On this note please don't forget that an overheated market is not automatically an occasion to sell!

So what do I expect to happen? Basically there are two scenarios from which I think one is more realistic than the other:

1. A-B-C correction is finished
In this case the DAX30             will break out of the short-term negative trend (red line) and continue it's ride direction North very soon. From there we, once again, go into a 1-2-3-4-5 count which will probably end at around 12.300/20.

As the indicators back this theory I think this is the more likely event to happen.

2. A-B-C is not finished, YET
In this scenario we will have to face a lower low which can be projected near to the last 4 (blue 4). A correction of this extent would not harm the still bullish environment in the DAX30             .

Bottom line
I currently have a long position open in most of my accounts, aiming for the 12.300 level.
look4edge
2 years ago
nice catch, would like to ask, are you experienced/confident master with ew? i still struggle with counts, got two different scenarios in m120 /daily
for now w4 in progress, target 11600-11215, see
DAX - W4 CASE

daily fdax below
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Dluginacci look4edge
2 years ago
Based on the current situation you scenario makes total sense.
Where is you blue and green 5?
+1 Reply
look4edge Dluginacci
2 years ago
not marked: blue 5= green 3, green 5= red 3
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Dluginacci look4edge
2 years ago
Ok.
I agree with your target zone but would not trade it. I will wait until mit c is finished. In my oppinion there is definitely another high to come!
+1 Reply
look4edge Dluginacci
2 years ago
agree from your point of view, sending my m120 detail (little different ew count), first correction target hit
to go below - dax needs to clear 11700 - my volatility indicator, then will check ccis, ema13/ema34 cross and if develops, then at 11215 enter heavy long - longterm channel fdax breakout support
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look4edge Dluginacci
2 years ago
clear like this, for me further down, waiting for pullback and will try another short...
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Dluginacci look4edge
2 years ago
Looks good! Let's see what the market has ready for us. Cheers
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look4edge Dluginacci
2 years ago
thx for attention, take care and trade safe
keep posting :)
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Dluginacci look4edge
2 years ago
No worries. Same to you.
Cheers!
+1 Reply
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