DAX Weekly
Updated
Thats my look on the weekly chart on the DAX, Both structures in the two green rectangels may be similar.
*This is not elliott wave count, its just my way to lable the structure. Line thickness indicate thier possibility.
-It looks like that DAx may be doing this now, ofcourse ther will be some corrections on the way up, and thats good to add some more longs on the way.
-The impulsive wave will be confirmed after first breaking the @11580 then consolidating without breaking @9700.
-That is a weekly chart, so we will be shorting some times in the correction levels but on our way up.It#s just to look from time to time where we are in the bigger picture.
-Until 1st week of december, DAX most likely go straigh up, without major corrections, but be careful in end of december and in January, some corrections to the downside there is 90% will happend.
*This is not elliott wave count, its just my way to lable the structure. Line thickness indicate thier possibility.
-It looks like that DAx may be doing this now, ofcourse ther will be some corrections on the way up, and thats good to add some more longs on the way.
-The impulsive wave will be confirmed after first breaking the @11580 then consolidating without breaking @9700.
-That is a weekly chart, so we will be shorting some times in the correction levels but on our way up.It#s just to look from time to time where we are in the bigger picture.
-Until 1st week of december, DAX most likely go straigh up, without major corrections, but be careful in end of december and in January, some corrections to the downside there is 90% will happend.
Note
16 weeks in a row failing to break above @10800, looks like @9700's is on the way.Only a clear break below @10500 will confirm the down wave to the @9700.
Still holding my longs targeting @11200 and @11600, will close them manually after consolidation below @10500, where will change to shorting the DAX.
Good luck
Note
Waiting to short the retest of @12120 level, SL @12290 and TP1@11680, TP2@10800If SL is hit will Change to Long targeting @12900 and short from there to the same TP1 and TP2
Trade active
Short opened @12150, tight SL@12190, TP@11680 and TP2@ 10800Trade closed: stop reached
Note
Price did not break the @12950 Level and as for now, it is above the last Major buy/sell Level between @12130 and @12080, breaking below this Level will drag the DAX much lower to @11600 Level then @10800 to retest some lows.A good Level to short was the weekly retest of @12600s , but as it was already done, I will wait to see the price action here first before entering a long term trade.
The plan is selling the retest of @12080-70 after falling below it , targeting @11600 Level then @10800.
On the other Hand, if it did not fall below @12080, i will stay out of the DAX untill it consolidate above @12950-@13000 Level (low probability but anything is possible) and will start looking for for a buy.
Good luck
Note
Short
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