DAX; Recovery but be aware of the bigger picture
Bulls are in short-term control in this market where the last bigger Fibonacci has been passed (61.8%) only leaving the minor 78.6% as the last resistance (13200) before the previous ceiling around 13600.
For now however a little corner pattern may see a minor setback but as long as the uptrendline sees defending (around 12900) bulls should not worry. Breaking below the uptrendline increaes downside risk to just below 12600.
Better resistance is een at that 13200 should new highs occur.
On a bigger view, keep in mind that on a weekly basis a bigger head and shoulders pattern is implied if market finds a lower high (anything below 13600 the coming weeks) and sees a bigger setback on higher volume.
For now however a little corner pattern may see a minor setback but as long as the uptrendline sees defending (around 12900) bulls should not worry. Breaking below the uptrendline increaes downside risk to just below 12600.
Better resistance is een at that 13200 should new highs occur.
On a bigger view, keep in mind that on a weekly basis a bigger head and shoulders pattern is implied if market finds a lower high (anything below 13600 the coming weeks) and sees a bigger setback on higher volume.
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