DAX : H2 shows possible double top on 12850 before dropGER30 INDEX:DAX
Following on from the previous daily/weekly analysis (right below), the intraday H2 chart shows that the market could still need to run for a 5th subwave before reaching the ( III ) cycle end. As we can clearly identify a 1st wave expended impulse for this last move, we can plot a theoric target at 61% extension of subwave 1 starting at current supposed subwave 4 . This gives us a target that could make the prices climb up to the very same price of our current market top (and historical high). This would mean a double top formation to finish the current sub-impulse and having the perfect low risk short entry for an agressive trade.
BUT there's one important thing about the fact that when it comes down to historical highs, markets rarely fail on double top configuration (more likely on Vtop with a spiky false breakout attempt rapidly reversed).
So I think a short agressive entry on the possible double top would need to have a large stoploss in order to sufficiently be able to handle a possible false break of historical high. Of course the best case scenario would be to have a look a even lower timeframe (like 5/15m) whenever the prices will reach out to the approximate price we identified here !
Hope this idea will inspire some of you ! I'm pretty new to TradingView so I'ld appreciate any like/comment/follow if you feel like it deserve it ;)
Linked D1/W1 analysis for the background trend counts :
