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Germany30

DAX - impulsive decline, picture looks increasingly bearishIt's been a while since I updated the long term count. My intermediate bearish view was confirmed in the mean time with DAX putting in a spike above the previously indicated magenta TL from the ATH, however quickly losing momentum and failing also to keep above the 200d MA. The decline from ATH was very choppy, with waves which were difficult to count, so there is a possibility that this big wave is all just a corrective wave 4 in the form of a double 3 (see the blue count - A-B-C, then the red A-B-C up, and now could be just another bigger A-B-C down). The other option is the more bearish one in which we have a nested wave down (a series of 1-2 waves, with the current wave being either a 3 or yet another serie of 1-2). However, regardless of the bigger term picture, what is more worrying for longs is the fact that the decline off the 30th of November lower high developed into 5 waves and took out the September low, therefore cancelling the more bullish counts which were based on the red C wave being a 5 waver and actually not a C wave but a 1 or a wave part of a bullish move. This means that the next bounce (which could be quite big) will most likely be a corrective wave only, so an A-B-C, which would be a nice short opp, since the following decline will take out the lows at which we will bottom these days (or maybe weeks). On the more immediate term, it's difficult to say where we will bottom. We have already 5 waves in place, but the 5th could always extend. In any case I would use the next bounce as a short opp, rather than try to buy it. What is most interesting is that the LT projection from mcm, nailed a very important intermediate top - the high of the red 2 from Dec 30th. mcm-ct.com For questions about the analysis feel free to visit the site or contact me via email at alex@mcm-ct.com. GL to your trades!
FX:GER30Short
by alx13
Short GER30 IMMEDIATELYGER30 is in an extremely bearish trend. After a classic Head and Shoulders pattern formed, prices pushed down and broke the H&S neckline right away. On 1 Feb, an expected pullback was completed and a very usual and huge amount of short orders were placed at 9837 after 15 mins of futures market opens, therefore I warned the traders to be cautious. Option 1: Price go straight to 8400. Option 2: Now -> 9300-9400 -> 9800-9900 -> 8400. All "targets" for 10000+ or 10122 or 10400 in this correction can be treated as jokes. Jimmy, the full time trader, Candle Sticks specialist, Elliott Wave Counts specialist.
FX:GER30Short
by jimmy_hongkong
DAX Daily - BearishThe DAX30 index is moving in a descending wedge, which is a bearish formation. We can see that the market respects the formation, in which an overshoot of the upper trendline resulteted in an overshoot in the ABCD move (Which then hit the support line). We have a major ABCD move going in bearish direction down to 8350 and combined with the formation, it would be fair to guess we should be going down. We therefore have 3. scenarios. 1) We rally up to the 10400 area, before sellers slams the price down through 9300 and all the way to 8350. 2) Buyers rally the market up over the upper trendline, where a likely pullback will occur shortly afterwards, which will, it held, result in a bullish market. 3) We bounce some more inside the formation before 1 or 2 happens.
INDEX:DEU40Short
by Mikkelfo