After a major surge upwards while closing on the previous ATH, #DAX might be looking to start a major pullback to gather liquidity for a bigger move up for new ATHs.
A lot of shorts getting stopped out every day and there are still no signs of retail going bullish. Because of that we might be looking at another stop run before institutionals start taking profit and we begin the downtrend with sell offs. As of now we still have no supply at the current levels 11900-12000 and could form one before heading down. My bias is short after closing all my previous longs but i am not shorting yet. (Check my previous idea to see when I went long for 400+ pips).
We are looking for the reversal at weekly supply between 11390-11440. If that doesnt hold, we could be heading either 11200, or sub 11k.
A lot of shorts getting stopped out every day and there are still no signs of retail going bullish. Because of that we might be looking at another stop run before institutionals start taking profit and we begin the downtrend with sell offs. As of now we still have no supply at the current levels 11900-12000 and could form one before heading down. My bias is short after closing all my previous longs but i am not shorting yet. (Check my previous idea to see when I went long for 400+ pips).
We are looking for the reversal at weekly supply between 11390-11440. If that doesnt hold, we could be heading either 11200, or sub 11k.
Comment:
Trade is going strong. Institutional profit taking caused a bigger sell off than I expected, but thats all the better. Most likely getting a pullback around 11650-11643. 11719 is not off the cards for a bounce up.
Comment:
Pullback happened almost perfectly as on chart. Didnt nail the bottom but I nailed the top of the pullback at 11859!