Short

DAX: Bearish bat pattern (approx) forming

Updated

Reading "The pandemic remains uncontrolled in the US, but the economic recovery continues apace" is not 100% good news. 4.5 million jobs in june still does not eclipse those 33 million lost. I think July is going to be a very volatile month and we might experience the DAX coming to 0.382 Fib level as of July 17 on wards, after reaching 12,800-12,900 level when RSI could be above 70.

Note

Either the day to short it was July 6 at 12,846 although I expected it was going to be there a little bit longer than just a spike; or it still can consolidate at 12,800-12,900 and cancel out my approximated bearish bat pattern. However, it is highly probable that the figure's prophecy will hold due to macroeconomic data and rising covid19 cases. So if any late enters want to get in, at 12,750-12,840 might be your short beginning last call. Watch out though if it attempts to go further beyond 12,840 as it may mean that it's seeking for strength at that level and go further up to 13,758.

Note

We are entering bearish sentiment period for the DAX which goes from July 15 to end of September-beginning of October. Will this year be an exception?

alexinve

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People shorting DAX from today and I just see a 1-month long

by alexinve

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