DAX (Ger40) scope to correct lower but support located at 16,081
The index looks to have completed a bullish Elliott Wave count (5 waves). The move lower from yesterday's swing high is mixed, common in corrective formations.
Bespoke support today is located at 16,081. This is also the previous swing low from Tuesday the 13th of June.
A projected support level from a cypher pattern known as a Bat formation, is seen at 16,087.
Although there is scope for downward pressure, with this clear confluence zone (16,087-82), I would look for dips to be bought.
Bespoke support today is located at 16,081. This is also the previous swing low from Tuesday the 13th of June.
A projected support level from a cypher pattern known as a Bat formation, is seen at 16,087.
Although there is scope for downward pressure, with this clear confluence zone (16,087-82), I would look for dips to be bought.