Bounced near the 1W support. Uptrend already in development. Lon
DAX has rebounded strongly after hitting the upper layer of the 11,725 - 11,880 1W Support zone and since the long term 1W Head and Shoulders pattern was completed (or at least is near the completion (but less likely) assuming it has one more leg down to 11,725), the index should now resume the commanding bullish long term monthly trend. It already broke the 12,120 Resistance on 4H and previous Lower Low on the 1D Channel Down, having developed a new 4H Channel Up (RSI = 48.807, MACD = 7.900, B/BP = 0.2800) that is now sumply pulling back for a technical 12020 Higher Low. We are going long now with TP = 12,207. As seen by the Resistances though (black dots) the uptred has a long way to go before we can safely say that it has crossed all bearish channels.
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