DAX Started a correction. We have a clear short-term Target.
DAX has a rejection on April 01 exactly at the top (Higher Highs trend-line) of the 18-month Channel Up (since October 03 2022). The 1D MACD made a Bearish Cross, being Lower High than the previous one on December 18 2023, which is exactly what happened on the January 27 2023 Bearish Cross.
That sequence was the first Bullish Leg that topped to form the Channel's Higher High and then pulled-back to marginally below the 0.236 Fibonacci retracement level and even test the previous Resistance, which turned Support eventually.
As a result, we remain bearish on DAX, targeting at least 17700 (Fib 0.236). The previous Resistance is at 17000 but we will update if that Target will be pursued. The safest action would be to wait for the 1D MACD to form a Bullish Cross under the 0.0 level and buy for the long-term.
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That sequence was the first Bullish Leg that topped to form the Channel's Higher High and then pulled-back to marginally below the 0.236 Fibonacci retracement level and even test the previous Resistance, which turned Support eventually.
As a result, we remain bearish on DAX, targeting at least 17700 (Fib 0.236). The previous Resistance is at 17000 but we will update if that Target will be pursued. The safest action would be to wait for the 1D MACD to form a Bullish Cross under the 0.0 level and buy for the long-term.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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