Pattern: Bearish Head and Shoulders on 4H. Signal: Bearish after the neckline's Resistance rejected the price. Target: 11260 (symmetrical legs). This is my long term outlook:
Pattern: Channel Down on 1W. Signal: Bearish since the price is near the pattern's Lower High. Target: TP1 11215, TP2 11050. *Note: The same pattern took place in 2015/ 2016. After the 5th wave on the Lower High the index pulled back to its 0.5 Fibonacci and then broke the Channel upwards.
The index is still on a long term recovery within the 1D Channel Up (RSI = 58.547, MACD = 106.300, Highs/Lows = 0.0000). This time however 4H is on a Lower High sequence with 11,400 supporting this fragile set up. With the price already rejected just below the 11,686 - 11,838 1W Resistance Zone, we are expecting a stronger correction if 11,400 breaks. TP1 =...
The index is trading on a 4H Channel Up (RSI = 69.786, MACD = 72.000, Highs/Lows = 56.2642) that has crossed into the overbought zone (STOCH = 95.784, STOCHRSI = 79.387, Williams = -3.343). Since the price is too close to the 11,570 1W Resistance, we will take this opportunity to go short and target the first Support on 1D = 11,300. This is where the 1D Channel Up...
The index has been trading within a strong recovery Channel Up on 1D (RSI = 59.688, MACD = 74.500, Highs/Lows = 85.2929, BB/P = 251.0418) since the December bottom. Although the technical target is the 11,550 Resistance and potential Higher High, since the upside is clearly slowing down on a Rising Wedge, it is best to but and settle for a lower TP at...
Pattern: Channel Up on 1D. Signal: Long as it approaches a Higher Low. Target: 11250, the last high and current resistance.
Pattern: Rectangle on 4H. Signal: Scalping within the soft Support - Resistance range (10808 - 10955). Hard range (1077.50 - 10990.50) can be also considered by those who seek maximum profit but on greater risk. Target: Short TP 10820, Long TP 10940.
A large reversal pattern (H&S shaped) has been completed with the recent break below ~12000 (cloud and internal trend line) and a full swing down trend is in progress. Focus is on 10150 (minor) and 9965 (first major projection). Below that 9475 and even 8465 come into play on a 12+ month horizon. On the upside, prices should not rally above 12050 for the...
The index managed to maintain the bullish break out above 11,390 and the new 4H Channel Up to stay above the Higher Low limit. As long as the symmetry holds, the short term target should be around the 0.618 Fibonacci extension, before it consolidates the potential overbought status. Our targets are intact: 12,000 & 12,100 in extension. ** If you like our free...
The 11,050 1M support was defended and the 4H Channel Down broke to the upside. A price above the 0.500 Fibonacci mark (11,750) is needed to restore the medium term 1D bullish bias to the index (CCI = 24.4993, Highs/Lows = 0.0000, B/BP = 36.1820 already). We remain long with TP = 12,000 & 12,100 in extension.
DAX has nearly met the support of the very long term 1M Channel Up (MACD = 230.800, RSI = 44.082) and has most likely made its Higher Low. If that doesn't break, then the index should aim for 14,400 within the next 18 - 24 months. Our TP for the short/ medium term remains 12,000 & 12,100 in extension.
The index remains within the very long term 1W Channel Down (RSI = 37.940, MACD = -255.000, Highs/Lows = -398.7857, B/BP = -982.1060) but held the 1M support zone of 11,200 - 11,400 and we can assume that a last week's sideways trade is an attempt to price a support base on the long term in order to continue the 1M Channel Up. 1D is expected to start printing...
The 1W Channel Down (RSI = 36.444, MACD = -236.700, Highs/Lows = -537.4643, B/BP = -1239.0620) eventually broke the 11,725.30 support and led DAX near its Monthly support zone of 11,200 - 11,400. Those levels are also a potential Higher Low array on the long term 1M (monthly) Channel Up (RSI = 45.274, MACD = 241.600) that started in March 2009. A moderate medium...
A very aggressive 4H Channel Down (oversold RSI = 24.435, Highs/Lows = -199.7643, MACD = -93.500) invalidated the previous attempt to break the 1D Falling Wedge (black dotted lines). DAX should now attempt a test either on the 1D (RSI = 33.688, B/BP = -380.9120) or the 1W (RSI = 40.497) support. The 1D Falling Wedge will be on a Lower Low there and the 1W remains...
TP = 12,420 hit as 4H made a Double Top at 12,460 before pulling back to form a Higher Low on the 1D Channel Up (RSI @ 52.206, Highs/Lows @ 11.8571) at 11,195. We are again long aiming again at 12,420. If the 12,460 Double Top breaks (12,480 the tolerance level) then we will re-buy with TP = 12,590 and 12,760 in extension (for the extension the SL will be moved on...
TP = 12,207 hit as the 4H Channel Up (RSI = 69.388, Highs/Lows = 10.3357) aggressively broke to a new Higher High at 12,460 with 1D making at the same time a Lower High on its Channel Down (RSI = 55.850, MACD = -12.700). Since we consider this month's 11,880 bottom the completion of the 1W H&S pattern, we expect DAX to break even higher. However given the fact...
DAX has rebounded strongly after hitting the upper layer of the 11,725 - 11,880 1W Support zone and since the long term 1W Head and Shoulders pattern was completed (or at least is near the completion (but less likely) assuming it has one more leg down to 11,725), the index should now resume the commanding bullish long term monthly trend. It already broke the...