The market exceeded my target zone and reached the bottom of a correction channel (shown on the daily chart). The bigger picture is getting a bit shaky. I had to reconsider my wave count regarding the pattern (triangle wave 4 - see daily chart) reaching ATH. This is also made the Elliott channel modified. But even if this is correct, the lower line of the Elliott channel was pierced. So this is definitely a warning sign. Another concerning sign could be a bearish cross on the weekly RSI, but the week is still on, so I have to wait until next week for this.
Due to the rule of alternation I think the downward movement will continue today from the zone shown on the 4 hours chart. The small time frame candles are too big to pull the trigger on a setup and I'd have to take bigger risk then I'm comfortable with. So I'm gonna wait a little more to pull the trigger on the setup.
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| DAX: h1 - h4 - daily charts |
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