The market reached an ideal level. The gap is filled, base channel of this downside movement is broken and 161.8 Fibonnachi level is right around here. So if the market will produce an ideal basic impulse pattern then this level should provide temporary support. On the 4 hours chart the momentum is in a sustainable bearish zone, while the 1 hour is getting near to a point where signs of climax could appear. The 15 minutes chart shows a small divergence, but it's not enough yet for indicating a start of a wave [iv]. If the market finds support then ideally a retracement to the 38.2 Fibonacci level should be the end of wave [iv] which is right now located around the 12100s level. We'll see how the rest of the trading day will go on and hopefully tomorrow directions of the smaller time frames will be pretty much clear.
|DAX: m15-h4-d1 charts|
|DAX: h1-h4-daily charts|