Bears going crazy two weeks ago, then bulls going crazy last week.. We meet again at the cross road of multiple confluence point..
1. We are at the 61% fib level from the drop
2. We are ON the Upper channel from 2016 .
3.We are retesting the broken uptrend line .
4.MACD and RSI is turning on weekly .
The Risk Reward is very high for the Sell side.
nothing changed on my view on dax.. came back from a major support, and we never tested the broken trendline. Next week.. I will be looking to sell around 12750 , then 12950 if it gets there. Alternatively if we break the red line, I will take a sell..
After blockbaster Friday, we do expect #DOW to pull back . Best will be if it pulled back to the broken uptrend line around 25900 . Retest and failure of that will confirm this down move. Sell at 15900 , SL 26350 , Target Open
#dax is showing head and shoulder pattern on the 4 hour chart. breaking of neckline which is around 12850 area, will give us around 750 points to 12150 . However long term uptrend line is coming on 12450 which can be a massive support. Breaking of that will confirm turning point and acceleration to the down side.