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.
Today DAX break the upwards trendline 2011.
We are waiting for confirmation tomorrow if we have a real breakout or if DAX go back .
If DAX break it's next supportlevel 9400 then we could confirm the trendline break and correction to 9000 level.
If DAX created support at 9400 level , DAX can go back to longtrendline 2011 , new resistance at 9600 level
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.
Today DAX jump up from 9600 zone and trendline.
Sofar there is no break from the long upwards trendline.
If support hold at 9653 DAX can go upward again to previous resist zone 9800
After yesterday pullback from breaking trendline . DAX is at important keypoint.
Break drown or make new top again ?
Today DAX is back arround the 2013 uptrendline.
If DAX break also 9580 zone, there is more potential for a correction .
9400 and 9000 is a supportzone.
9000 giving DAX a 10 % correction.
9000 is bottom for SHS pattern.
recovery untill 9624
erasing an earlier loss, as merger activity offset concerns over crises abroad and weaker home-sales data before a Federal...
Today DAX is back arround the 2013 uptrendline.
If DAX break also 9580 zone, there is more potential for a correction .
9400 and 9000 is a supportzone.
9000 giving DAX a 10 % correction.
9000 is bottom for SHS pattern.
We clearly see the target (S3 - friday 25/7) symbolized by the small rectangle. Gonna wait for a pull back on 9684 near the pivot or 9705 (top pitchforks + fibo)
the pink pitchforks is just a possibility of the futur if market goes up --> Goal : 9800. Buy at 9748 for a 1/1 W/L. Why : break out pitchfork red to yello up line
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...
This is my first Publish, please take it easy with me.
only been trading for last 6 months.
I feel it will go up to 0.618 and turn back to test the bottom. (9933)
thank you hope you all the best for week coming
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...
