The top of the range got pierced and this suggests that the market is most likely on its way to the target zone of the daily time frame as C of (Y). Right now my primary wave count is that the DAX will make a [iii] of C that will ideally end around 11500-11600. Top lines of the parallel channels should behave as resistance, but if not, the bulls may go wild. I think now it's a good situation to hold the long position at least for a week or so.We'll see.
|DAX30 (CFD) - Daily chart|
I opened my long yesterday at 17:06. The momentum on the 1 hour chart reached the sustainable bullish zone, and the structure of the rally suggested continuation. My context was set and there was a continuation signal candle on the 15 minutes chart.