alx13

Dax ends triangle with fireworks!

FX:GER30   DAX Index
The triangle played out, although not exactly how I expected. It seems I had anticipated a wave there, and the last d wave was not complete at the time. So dax             made another high between the previous 2 highs, then a low between the previous 2 lows, before finally completing the triangle with the huge upwards burst after FOMC.

What is interesting now is that after the vicious decline in the last hour of the US cash session, dax             reached it's support TL again. With the huge movement coming from the FED announcement, dax             has now 2 support TL. Breaking the 1st one would be first warning for bulls. Break of the 2nd one is likely to signal the current 4th wave is done and we should take out the lows below 10.000.

Playing the bounces from this TL has been lucrative in the past, so I am more tempted to take a long in the vicinity here. But with tight stops in case we head lower. I will short if we break the 2nd TL for more than a spike on the hourly.

Also please remember that the mcm projections are pointing to a top next week. That is followed by significant weakness, so in case you are holding significant longs this might be the last chance to exit. For who didn't read the article, see below:

http://mcm-ct.com/blog/lots-of-stuff-and-projection-update/

If you have any questions about mcm or their analysis please contact me at alex@mcm-ct.com..

Good luck out there!
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