DAX short-term profit-taking leading to 16400
Last week DAX gave the most optimal buy entry on the bottom (Higher Lows trend-line) of the long-term Channel Up as I presented on my most recent analysis:
The price hit 15840 on a strong rebound, the strongest 2 days of the year. Yesterday the price started to pull-back but shouldn't be alarming as the very same -1.30% correction took place on October 18, during the last rally wave and turned out to be just profit taking. The index traded sideways for a week and later went on a 1 month rally extension towards the 1.236 Fibonacci extension.
That extension is currently a little over 16600 and if it takes place, it would mean the break to the upside of the August Channel Up. For the time being, it is more sensible to initially target 16400 and then re-evaluate.
Notice how the 1D MACD is currently forming a Bullish Cross, which DAX typically forms at the start of its rallies.
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The price hit 15840 on a strong rebound, the strongest 2 days of the year. Yesterday the price started to pull-back but shouldn't be alarming as the very same -1.30% correction took place on October 18, during the last rally wave and turned out to be just profit taking. The index traded sideways for a week and later went on a 1 month rally extension towards the 1.236 Fibonacci extension.
That extension is currently a little over 16600 and if it takes place, it would mean the break to the upside of the August Channel Up. For the time being, it is more sensible to initially target 16400 and then re-evaluate.
Notice how the 1D MACD is currently forming a Bullish Cross, which DAX typically forms at the start of its rallies.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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