We broke the top, so I can eliminate the regular or contracting flat idea. We are now either making an expanding or running flat. There's lots of divergence which suggests buyer weakness. The buyers have been fighting for a while, and pressing the price up, but it looks like price and sellers are getting ready for that down-move now.
Looks like price decided to go up once more to break the top, and it created a similar structure to what we had before, 'a running flat'. The analysis remains the same for now, the bigger picture still looks like a regular flat for 1 more big move down.
Looks like the down-move is beginning, look for it to go down and break the low, which would complete a regular flat. On the 1H time-frame, it formed a correction, an entry point, from which you could have sold, and the structure is currently making such a correction again, giving you another clue that the sellers are still strong, and the structure will continue down.
We still haven't completed any patterns, 4 types of patterns are still possible to play out, a regular, expanding, contracting, or running flat. It all depends on whether we break the top or not before the down-move starts. But it seems like we will have 4H divergence, and the RSI is crawling up to overbought territory. Both indicators suggesting buy weakness....
On 1h interval we can identify a potential head and shoulders formation. Sadly confirmation of this move would be dodgy if the move would start after Europe closing. I would watch closely Volume and what happens in US stock for the rest of the day. Risk and Reward ratio seems promising but I would beware of playing that if the move is not confirmed by volume. MACD...
Correction of the daily long trend is valid from 10 June, so I'm in short mode. The last impulse move to the upside was quite steep, so a deep correction is possible, and FIBO 50/61.8 levels could be tested (marked with gray - correction zone / FIBO 38.2 already done).
Target Zone 1 was calculated by the correction of the correction on H4 and its FIBO 161.8...
Dax is in a ranging market at the moment, We can see that clearly, depending on how this market moves we could see a breakout above the top resistance or we could see a continuation of the range. If it breaks out i will wait for a retest tomorrow, if it doesn't i will be looking to short depending on price action.
Back from my two-day training seminar (trading/investing) and a big applause to the eager participants. It was a lot of fun again, even if it was certainly a lot of input for you and the heads smoked.
You are perfect and you will rock the show in the next months and years.
But now - Mr. Dax.
There are signs of a possible trend reversal and I want to be prepared...
Dax correction or long term?
Regardless - we are short
What can we see technically? A strong supply level. which price has tested and was respected.
The imbalance of the supply is evident due a strong engulfing on the daily .
Targets are the zones market on the chart and beyond .
If the daily target bounces - we will allow price action to either reject...
Hello guys,
the price on EUREX:FDAX1! is resting within quite a small trading range. Generally, the longer the price rests, the more volatility we can expect after breakout.
So, what are my expectations here and what am I looking for? Check in the video! :-)
Have a nice day!
John
FINEIGHT Team
Today's triple witching day can be volatile, so here are my variations.
If Dax no longer reach 12,486, I still expect another downward movement.
Bearish price targets would be at 11,763 points and 11,305 points.
Therefore, 12.486 should be seen as a StopLoss mark.
My goal is to set SL on entry point because a reversal of the trend could also take place in the...
Elliot waves, FOMO theories, early throw-back, people thinking it is overbought. I mean, these opinions are perfectly respectable but I see a bull channel that might be ending in July 14 to then experience the throwback and lack of FOMO that we can see around the DAX's ideas section. So Short term (1-month) is long for me and from then on short the index from its...
The Dax has not yet finished its upmove, but broken out of small triangle with a classic retest. Dax should not touch 12,768 level, so I expect a further downward movement.
Bearish price targets would be 11,763 points and 11,305 points.
For the rest of the tradingplan, the 10,825 points should not be touched again.
Good trading day to you.
Greetings from...
