Hello everyone lets jump into some quick Dax analysis. As we know the market had a major bearish momentum in the recent weeks but now we are seeing some recovery from the bulls. Looking at the 4hr chart we see a clear parallel channel also in the 1hr timeframe. This is not enough to enter the market buying so we now look for other points such as the double bottoms in line with the trend which we can clearly see playing out well. 3rd point is understanding key level of resistance in the hourly frame which we know is @ the 618 fib level which means that is our first target. So we now understand we have a potential but do we have more? well by understanding the formation of this trend we hope to see a new higher high being made which will take this market into the 2nd target @ around 10570.
To sum this up we are looking to catch about 172 pips from our first target and if our 2nd target hits we will achieve 389pips in total. Good luck and remember to have an exist plan!
To sum this up we are looking to catch about 172 pips from our first target and if our 2nd target hits we will achieve 389pips in total. Good luck and remember to have an exist plan!