Looking for higher prices against in a potential 1-2-i-ii situation. If break out will occur I will use trailing stop instead of the a TP. This could be very a juicy upside movement if the pattern will be confirmed by the PA.
|DAX (CFD) - 15 minutes chart showing potential 1-2-i-ii situation.|
I think that the index is bullish above 10080. I post a picture of the context I made during the weekend. Full update in English will be posted later on.
The 10080 level hold and a higher low was created. Higher time frames are still bullish in my reading, except the momentum of the daily and the 4 hours (they are at the bearish resistance at the moment), but the momentum on the 4 hours chart has produced a converging H/H-H/L series. I still can't rule out that this is gonna be an even more complex flat, but as I mentioned in my previous posts this price action can be labeled as a complete LD+flat pattern. In this case the price must stay above the red line shown on the 1 hour chart and needs to close above the range soon. If the red line will fail to hold the price then I will start to think the market needs at least a bigger correction, at least a more complex flat where the wave [c] will be an ending diagonal. These are just some thoughts. The market has shown no conformation in either way so far.
|DAX (CFD) - 1 hour chart|