Thursday, September 10, 2015

DAX - 10/09/2015

I nice impulse is most likely completed from yesterday's high. The gap was closed, so the alternate option of a complex flat for wave [b] or [ii] is alive. The structure can be labeled as a complete running flat pattern, but the market can still do some more tricks. My idea for today is to hit an ideal retrace level of the preceding drop. There is a bullish slingshot opportunity on the 5 minutes chart, which is not triggered yet, but even if it get triggered most likely it won't be strong enough to push the price to target zone even. So I wait for a pull back and then a reversal signal for a long trade especially above the red line shown on the 5 minutes chart. If the market will go below today's low then I will look for a short setup with the target zone of 10k or below. (Since I started to write the post the market excluded the bullish slingshot setup)

DAX (CFD) - 1 minute, 5 minutes and 15 minutes charts
DAX (CFD) - context of the drop and primary target zone for today
So this would be my short scenario. If the market goes below the red line then most likely a can anticipate a wave (c) of [b]/[ii] and a test of the lower area of the range.

DAX (CFD) - 1 hour chart with complex flat option
I have to notice that the momentums on the 1 hour and 4 hours charts are getting interesting. We can a series of higher highs and higher lows converging with the RSI, which opens up a [i]-[ii]-(i)-(ii) interpretation. This is just a thought in the back of my mind...

DAX (CFD) - 1 hour and 4 hours chart with [i]-[ii]-(i)-(ii) option

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