Monday, November 14, 2016

DAX - 01/12/2016

Update: 14:27

Lowered my Sl @10569. MA10/20 channel should be resistance.

DAX30 (CFD) - 15 minutes chart

The market reached my target zone, but formed a different pattern then what I have expected. The price action unfold into a more complex and time consuming pattern. I think this strengthens my prediction of a smaller degree correction before the return of the bulls, but another local low is still necessary even in a bullish interpretation. 

I opened a counter-trend short trade. Ep@10606, Sl right now @ 10635, tp @ 10485. I think this is gonna either be a flat or double zig-zag pattern. So wave [c] of [y] should be developing right now.

DAX30 (CFD) - 4 hours chart
 In my opinion this is a range with a range situation on the daily time frame. The market rallied after US election and reached the top of the bigger range, then it got slowed down and made a smaller time frame range as well.

DAX30 (CFD) - Daily chart
I think the market will target the lower part of the small declining parallel channel. If so, and reversal will occur at the place, I think the Dax will target a much higher zone, ideally 11200. I label the price action on daily time frame as a double zig-zag. This is a minimum what I expect if the bullish scenario will prevail. My alternate primary bullish count is a diagonal pattern, where wave (Y) would only be wave [3]. If the bulls will  fail to make a new local high and the bears will get control I think the minimum what can be expected is a retest of the of 10000 zone.

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