I just realized i had posted this chart as private 2days ago. Wish they have a convert function. :) Hey ho.. here is the progress since then. Still valid.
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We don't fully know which of the fundamentals news would be used to drive this up and then down.
However, IF there happens to be such news events, this could be a set of potential price action movement...
DAX30 is about to hit a resistance level that previously got double topped+the current bearish trend line.
Chances are high that it will not break 9560-ish level. Thus I would see it a very good and relatively safe opportunity to go short on this one!
Safe and successful trading!
IMO that RED line should hold for another attempt to penetrate the GREEN channel.
Its a minimum requirement for ongoing bullish trend and for penetration.
Approaching the apex of the symmetrical triangle drawn here. I am hoping for a break out to the downside at point 7. I would then expect a pullback at previous structure, and then have a main profit target at strong levels of previous structure.
The upward break at point 6 is also potential for a small trade.
The DAX30 index is moving in a descending wedge, which is a bearish formation. We can see that the market respects the formation, in which an overshoot of the upper trendline resulteted in an overshoot in the ABCD move (Which then hit the support line). We have a major ABCD move going in bearish direction down to 8350 and combined with the formation, it would be...
At first the MA200 and the EMA 50, then the strong resistance at 121.5 is finally broken after 2 close timed touches and successfully tested in a Bounce Back above. The Fibo is speaking a clear Language too. So the Price had enough Time (since late august) between ~121.5 and ~118.5 to collect some new Power for another long journey up. At least till the 1618 Line...
The reaction post FED was a bit unexpected, at least for me. All indices ramped up (dax not so much actually) and then reversed with conviction.
The big question now is - what's next? Is this choppy 4th wave finally over? A look at the daily provides some clues. The peak of the bounce was just above the 50% Fib retrace, while the decline from there looks like...
As previously warned, once the 1st TL was broken the 2nd one comes up fast.
Down trend looks back, but this is still a chop zone, so risk management must be paramount. Choppy 4th waves can chop a lot of accounts.
GL to your trades!
M- showing loss of momentum, bearish candle couple months back, few pin bars since then.
W - LL LH rejected by 8ema, respecting channel
D- respected 61.8 fib level which was in con with top of channel and 3rd TL touch also lovely PA on daily.
target is 127 ext buffer 10530 which is in confluence with bottom of channel and also 61.8 fib level on daily from...
My previous bullish bias was negated by the break of of the TL, I am short from the retest at 11466 target 1 11200, watching price careful, as this is key support, if it breaches I will be targeting the next level at 10600.
We are starting to see Dax slowly recover from its selloff from 12.4k. Target 1 which I posted on a previous chart was hit to the T. Currently price is consolidating within the box range, Target 2 still valid only if Inner TL holds. Expecting it will.
The primary TL is drawn from the previous years October selloff and represents strong support, if it holds I'm...
The Dax steep incline is looking to be losing some steam and the Elliott Wave structure suggests that we may have a pullback consolidation before printing a new high. ECB press conference today could trigger some profit taking in Germany's premier Index. A new whipsaw high may be probable as well, but likely to be sold into. Favoring the pullback short term.
DAX IN A NICE UPTREND BUT WE'VE RECENTLY STALLED CAUSING THE DAX TO CONSOLIDATE FOR ABOUT A WEEK. WE'VE MANAGED TO BREAK OUT OF THIS CONSOLIDATION CAUSING THE TREND TO CONTINUE. PRICE IS NOW PULLING BACK TO A LEVEL WHERE THERE'S GOING TO BE BUYING INTEREST. TARGET AT 12500 WITH STOPS AT 11974
