Dax in the middle for near term corrective!
Updated
IMHO, the DAX is in a corrective phase, with more downside still imminent the instrument as been as analysed as follows:
Current price is 12638.69, price is within the tiny resistance band from 12630 - 12640, should this hold, will sell to target 12550-12500 as TP1 THEN 2nd target 12420 and third target between 12300 -12270.
If the current resistance band fails ( 12630 - 12640), will use the shaded red band(12685 - 12750) on chart as SELL zone where reversal patterns will be sought with stops above 12815 to target 12485 then 12300.
Current price is 12638.69, price is within the tiny resistance band from 12630 - 12640, should this hold, will sell to target 12550-12500 as TP1 THEN 2nd target 12420 and third target between 12300 -12270.
If the current resistance band fails ( 12630 - 12640), will use the shaded red band(12685 - 12750) on chart as SELL zone where reversal patterns will be sought with stops above 12815 to target 12485 then 12300.
Note
The all time high of this index is 12843, and i am of the opinion that adequate supply is present around the shaded red band on chart, got a second entry at 12682, target remains the same per initial analysis but keeping a tighter SL on both positions at 12710.Note
SL taken out, trade well managed with reduced risk at 12710.Note
..will be in a position to take a very good trade from this chart soon, posted four weeks ago, so far the solid blue horizontal line has remained relevant.
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