Greetings to you,
Thanks for taking the time to read my thoughts and views. I don't post often, but when i do, my timing is random.
As part of my normal weekend review and analysis, i thought i would share an idea regarding the DAX (for what it is worth).
i think we may have some possible indications of future downside with the DAX. To me, the DAX was very stubborn this week - those fat bulls won't give in will they?
I see the following:
- possible head and shoulders pattern
- the July 2019 high August 2019 low entrancement current price is sitting at the 88.6 fib
- trend line resistance (dating back to July 2019 - which can clearly be seen on my daily chart)
- recent candlesticks suggest uncertainty and possible downside (on the daily chart)
- the week ended 20th of September 2019 has demonstrated (in my view) sideways range price action.
- the April 2019 high (if you draw a line across on your chart (daily chart)), is the current price as well.
I form a view that the DAX may be heading lower, with an initial first target of approx 12,200 level (being the 23.6) from the recent clearly illustrated high/low entrancement. I am mindful of the September open and September low price. If we break 12,200, i would not be surprised we head further south (12,030/12,000 level). A new week awaits.
Best of luck in your trading.
No dramas
@bazzman78tv
Thanks for taking the time to read my thoughts and views. I don't post often, but when i do, my timing is random.
As part of my normal weekend review and analysis, i thought i would share an idea regarding the DAX (for what it is worth).
i think we may have some possible indications of future downside with the DAX. To me, the DAX was very stubborn this week - those fat bulls won't give in will they?
I see the following:
- possible head and shoulders pattern
- the July 2019 high August 2019 low entrancement current price is sitting at the 88.6 fib
- trend line resistance (dating back to July 2019 - which can clearly be seen on my daily chart)
- recent candlesticks suggest uncertainty and possible downside (on the daily chart)
- the week ended 20th of September 2019 has demonstrated (in my view) sideways range price action.
- the April 2019 high (if you draw a line across on your chart (daily chart)), is the current price as well.
I form a view that the DAX may be heading lower, with an initial first target of approx 12,200 level (being the 23.6) from the recent clearly illustrated high/low entrancement. I am mindful of the September open and September low price. If we break 12,200, i would not be surprised we head further south (12,030/12,000 level). A new week awaits.
Best of luck in your trading.
No dramas
@bazzman78tv
bazzman78tv
Updated December 2021
Updated December 2021