DAX bearish now?
Updated
DAX's last leg, starting 2018-03-28, is topping or has topped on Friday (High: 13030)!
Details EW and Fib.:
- "Subminuette"- level (grey): Wave 5 stopped almost at 1,000 (13182,7) of wave 3. This 1:1 relation is quite common!
IMPORTANT NOTE: Waves 3 and 4 could also be taken as waves A and B of a corrective pattern (ZigZag), which would end at the same level for the terminating wave c (A:C=1:1)!
- "Micro"-level (magenta, Extension1-pattern): Wave 5 stopped near 0,618 of wave 3, which is also very common. Furthermore, in an Extension 1, wave 5 is always the shortest wave and wave 3 is not allowed to be the shortest wave.
Details for line studies:
DAX is still within the mediumterm trend channel (black) and the dotted channel-lines are showing clearly the flattening of the trend, during May.
TARGETS: As explained above and shown in the chart, next target for a poss. wave 2 could be 0,618 of the whole wave 1 (red), which would be 12251.3, BUT if this terminated wave has an corrective ABC count AND is part of a bigger corrective pattern, the probable TP would be below 11500!!!
BTW, Friday's session could be interpreted as an unfinished "Starting Diagonal" and my algos only accept an ABC-corrective pattern!
Details EW and Fib.:
- "Subminuette"- level (grey): Wave 5 stopped almost at 1,000 (13182,7) of wave 3. This 1:1 relation is quite common!
IMPORTANT NOTE: Waves 3 and 4 could also be taken as waves A and B of a corrective pattern (ZigZag), which would end at the same level for the terminating wave c (A:C=1:1)!
- "Micro"-level (magenta, Extension1-pattern): Wave 5 stopped near 0,618 of wave 3, which is also very common. Furthermore, in an Extension 1, wave 5 is always the shortest wave and wave 3 is not allowed to be the shortest wave.
Details for line studies:
DAX is still within the mediumterm trend channel (black) and the dotted channel-lines are showing clearly the flattening of the trend, during May.
TARGETS: As explained above and shown in the chart, next target for a poss. wave 2 could be 0,618 of the whole wave 1 (red), which would be 12251.3, BUT if this terminated wave has an corrective ABC count AND is part of a bigger corrective pattern, the probable TP would be below 11500!!!
BTW, Friday's session could be interpreted as an unfinished "Starting Diagonal" and my algos only accept an ABC-corrective pattern!
Note
See below DE30EUR : Starting Diagonal or Diagonal 2 on 5m.Note
Note
If it trades above 13100 on Monday....Note
Update after Friday's Close on 5m:Note
CASH DAX:Note
Note
DEU30:Note
NOTE: "Minuette" wave 1 could also be read as a "Minuette" wave 3! This would better explain the rel. small correction of the following ABC pattern (="Minuette"-wave 4)! See below for DE30EUR:Note
Note
NOTE: DAX is in a "Subminuette"-wave b (grey) Targets for this wave could be 0,618 (TP1=13050) of "Subminuette"-wave a (grey) OR 1,000 (TP2=13206) as shown in the chart. From either of these levels, there would be a rel. strong wave c (grey and not shown!), to terminate this pattern! This final wave should have 1-2-3-4-5 (impulsive) counts and would give us the desired "Minuette" 4 (red) !!!Note
Below: DE30EUR overlay with UDXUSD (black) on 15m scale:Note
Note
Triple bottom on UDXUSD (?) and increasing volume from low to low on DE30EUR.
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