Rising wedge is narrowing at significant round number 9300. It's time for correction price going back down to 9200 and maybe lower at 9150 (38.2% retracement of latest up move). This could happen next week but the process can start today.
Another day and DAX still in correction, inside the descendant channel. We have another HL at 9700 , nothing change, lets see where DAX will go to make a new LL. I do NOT ADVICE open short positions at this level. Wait for the upside. Supports: 9480 (50% retrac) 9350 (61,8% retrac) Short term - still in correction Long term - bullish
DAX is at the inside the descendant channel making LL (Lower Lows) and HL (Higher Lows). At this moment DAX is in a journey to test the top of channel again. Lets see if break the pattern and a close above the last HL (at 9810) will be consider bullish. If reject the 9810 and make a new HL more downside will come.
After DAX lose support in 9900 area , DAX going futher down yesterday to 9800. Today we see DAX at next support area 9711 (Top in in Feb, Mar and April) . 9700 is important zone. If broke this zone there is more space for futher downtrend to 9400 ( break trendline). Next important area are 9600 and 9500.
Sometimes it's good to take a bigger look. At the 1W view we see still an uptrend from 2011. But MACD is showing divergence. This was also in 2008 and 2011 before a crash. Higher DAX lower MACD at second top. Fibo's showing 10012 level for an importend level from the 2008 crash. Important levels to watch. 9917 : first support line ( today) . Break this level...
On a purely ch artist approach, putting aside the political agenda, many indicators shows that DAX is about to change momentarily its trend to Bear. MA 16-50-100 are an important set of signals. STOCH as well. MACD will be the confirming signal, and to real move may start when, RSI is bellow 50. There may be a rebound to 9690-9750 but the overall pictures show...