Dax: Interesting time at mode signals
Updated
I'm monitoring the progress in the Dax index's uptrend currently in place.
Price action has became turbulent recently, forming a large triangle, but it's possible to see an interesting resolution to this situation soon.
The time at mode signals on chart imply a potential advance is due, if we get confirmation with a day opening and closing above the 9780 without retesting this level.
The first vertical line is the time expiration of the first uptrend, and it might an important date, so take heed of it.
Implications are bearish, based on the RgMov indicator's trend, and the price action, with distribution coming in at these levels.
Once we get a safe entry, I'll update the chart. For the time being, let's watch the next daily candle on close.
It's possible that the short side offers a more significant move, and since it appears like the Euro is due to rally higher still.
If 10249 isn't reached by March 25th, on close or earlier, price will probably seek a retest of the uptrend mode support.
In case we do rally, pay attention to the upper time and price targets.
Best regards,
Ivan Labrie.
Price action has became turbulent recently, forming a large triangle, but it's possible to see an interesting resolution to this situation soon.
The time at mode signals on chart imply a potential advance is due, if we get confirmation with a day opening and closing above the 9780 without retesting this level.
The first vertical line is the time expiration of the first uptrend, and it might an important date, so take heed of it.
Implications are bearish, based on the RgMov indicator's trend, and the price action, with distribution coming in at these levels.
Once we get a safe entry, I'll update the chart. For the time being, let's watch the next daily candle on close.
It's possible that the short side offers a more significant move, and since it appears like the Euro is due to rally higher still.
If 10249 isn't reached by March 25th, on close or earlier, price will probably seek a retest of the uptrend mode support.
In case we do rally, pay attention to the upper time and price targets.
Best regards,
Ivan Labrie.
Note
Yesterday's close confirmed the rally to the 2nd time and price targets, but it can fail if we break under the mode at 9785.Note
Breaking 9396, the Dax will take a massive hit. We can short a retracement today probably.
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