Welcome to the analysis
Here we see fib extensions from the date 27/12 to 05/02 and 08/02 and a visible volume profile
When you look at the chart, you see the price drop from the 1,618 fib level while its obvious that we are trading in a low volume area and most of the orders have been and is placed at a much lower price.
I also posted this on the 8th of July...
DAX - Looks like there's room for one more push lower as we seem to be only in a wave 4 for now.
Be aware that price could stay sideways a bit more before falling.
If price moves above the invalidation level, then the count is wrong and we most likely have started the bullish trend
and need therefore look to buy
As long as there is no break and close, on a weekly basis, over 12579, then next target would be 12037 respectively 62% fib ...
Generally, the DAX should sooner or later fall to SMA 50.
Thereupon had to be re-evaluated, because both directions would be possible
The stock markets have turned red again as the risk-off sentiment has returned.
The global risk is affecting the stock markets across the board with the DAX here looking bearish on the daily timeframe.
If price breaks through the trendline support we could anticipate a further decline.
The Dax has fallen recently, however, the price is still supported by the long term weekly
trendline and the dynamic support and resistance of the moving averages.
Price has formed a new low on the daily timeframe however if we see a bullish close today
we could assume it is a false break of the lows. In that case, we can assume the uptrend
will continue into the...