DAX: The years end analysis! *WEEKLY UPDATE*Hey tradomaniacs,
wow what a crazy and sad year for all bulls.
I hope you all had some short-certs and made a lot of money.
But yes, it is as we all had to expect! The financial crisis of 2008 got shifted by financial injections
of the FED, ECB and other central banks.
The low interest-rate and QE made it worse and worse and might be time to pop the bubble.
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Technical aspects:
The year started 12.889 and the DIVA found its peek @ 13.600!
(Thank you Trump for your Tax-promises which made that possible! ;-D)
Since then the DAX has created the first double-top and turned out to be a S/H/S or Diamond-Pattern which is the first evidence of a trendchange.
It`s crazy, but after the Break through the NEckline we`ve seen another attempt called the retest or Kissback to get above 11.800 again.
That bounce and S&R-Flip was the confirmation for the market to sell-off the Diva and went down to the years-low of 10.284.
HA but look - we could fight our way back to the 61,8% retracement-level which is obviously a very common level for the bulls.
It`s been a long time since the market has been oversold like these days. When is the time for a correction?
Well - My opinion - I think it`s time to see the DIVA trying to get above 10.829 - 11.100 is possible!
The last weekly candle is a huge Doji, which indicates a lot of Buy-Pressure caused by the U.S. Market.
Overall the chart looks pretty bearish, but the price is very low and I think there might be some bulls in the tank trying to buy this one.
We will see!
I WISH YOU GUYS A HAPPY NEW YEARS EVE! Enjoy the time with friends and family!
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Peace and good trades
Irasor
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