The short term trend is down in my definition. However, yesterday price action should be considered as bulls wanting to build a bottom in 12350 -area. If they however fail, expect next leg down to be more volatile and bottom out no earlier than around 12150.
It is kinda early yet but this pattern on monthly is beginning to look a tad weak. Note also the RSI. Will be interesting to see how this folds out, currently I'm very suspicious both for the short term and also regarding the rest of this year.
Although DAX will put in a ugly weekly red candle (unless sharp rebound today), and on a mid term time frame, I estimate we test 10500 again, the short term rebound (today/monday) is likely.
1) We are outside of 1h regression channel that is somewhat rising still
2) First pullback is usually bought buy "late-to-the-party" dip buyers (that will get burned next...
DAX rejected 11350 and now IMHO on its way to test 10500 again (which I furthermore guess will not hold but let's see once and IF it gets there).
Will it go straight down next week or will it do a small range week, don't really know but this is a ugly weekly candlestick that is far from bullish. GL!
Added a new signal to the "algo" that alerts when certain conditions emerge (there is a EMA-cross over already pushed): Alert when RSI cross above or below 70 & 30 on a 15min chart.
Personally I like this alert since it can be traded in many ways and it alerts me to look for hedge if core position is long and RSI drops below 70 (or better when there is a...
We have now been in a trading range of ~5% for about 20 days. Everybody can see we are in a trading range and thus, range trading is about to end very soon! There are lot's of stops on both sides of the trading range so be prepared for odd price action / whip-saws right outside of the trading range.
Your guess is as good as mine to which side it will break =>...