Now, since we have reached an ATH (all-time-high) at ~12.222 the price consolidated - which again - fit perfectly into my 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 environment in the DAX30 .
I currently have a long position open in most of my accounts, aiming for the 12.300 level.
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