It looks like DAX is moving in rising wedge. Top is very close and I see target at 11800-11900 area. After that I'm expecting bigger correction or even huge impulse down. So my plan is to short at this level. Will see...
- eco data clearly on the soft side (fear of technical recession becoming reality)
- low int. rate environment - hurting EU financial sector
- wage growth pressing company margins
- weekly 20 & 200 MA confluence was a strong resistance -> reason to close long positions
- broad channel pointing lower -> price below 10.000 level is on the table
Tenemos el futuro del DAX en la parte baja del canal alcista que ha formado en timeframe de 1 hora, puede ser buen momento para tomar posiciones a largo con un stop loss ceñido por si se gira el mercado.
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.
In the long long time frame, we could be just in another correction, ending wave 4 in area 9000-8800 before resuming the uptrend towards 15k area.
Just an idea that needs to be confirmed by Eliott wave levels.
Any ideas are welcome as always.