GER30 - Possible Wave 5 Commencement

FX:GER30   DAX index of German listed shares
49 0 0
The GER30             has sat on the 38% retracement of Wave III             for 2.5 days now.

Possibly signalling that the Wave IV correction is over and today's gap close and continuing rally is Wave 1 of Wave V.

- 11400 is acting as support
- RSI (14) is picking up momentum
- MACDs are also signalling a change in trend

I will wait for Wave 2 of Wave V to retrace 61.8% of Wave 1 to enter Long, with stops under the recent lows.

(Wave V = Wave I) therefore the target price is 11850 a test of the highs from May 19th - 26th.

Although it would not surprise me if we hold here for longer whilst the Grexit is on the cards.