GER30 short entry from 14750-14900
Updated
The ascending triangle broke up. The Dax was probably boosted by US markets.
Elliott waves seem to apply well. We are currently in wave 5.
The top might be at 14750 (0.618 of wave1) or perhaps 17900 (1 of wave 1) but the daily/4h RSI is overbought so I think 14750 should be the top.
From 14750 level, I will look for a short entry and wait for rejection candles before entering.
***
I still hold a short low leverage from a previous idea (see link - this analysis is an update of that one to integrate the price moves since the last 2 days.)
I entered too soon :)
Elliott waves seem to apply well. We are currently in wave 5.
The top might be at 14750 (0.618 of wave1) or perhaps 17900 (1 of wave 1) but the daily/4h RSI is overbought so I think 14750 should be the top.
From 14750 level, I will look for a short entry and wait for rejection candles before entering.
***
I still hold a short low leverage from a previous idea (see link - this analysis is an update of that one to integrate the price moves since the last 2 days.)
I entered too soon :)
Note
The GER touched 14750 and shows some signs of reversal, but not enough strong for the moment. I need strong bearish candles and have to wait for this 4h candle close.Note
Entered Short at 14761 with tight SL 14850Note
So far so good. We need now to break the bullish channel near 14560 level for a further drop.Note
TP1 14530 reached today. 5 days after idea creation.Note
The target 2 of 14200 is ambitious and might take some time before reaching it. I updated my analysis and found intermediary targets at 14480 (support) 14400 (target for descending triangle- not in the picture) 14300 (200MA support)Note
Total surprise today with the epic rise from 14419 to 14699. I put SL at 14720 to keep some profit in case of a new ATH tomorow.Trade closed: stop reached
Closed with few 5% profit. DAW came to new ATH March 26. I will look for an entry around 14900-15000 levelNote
I reshorted at 14980 :)
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