DAX overview...The big picture
Updated
-I was loooking at the DAX weekly chart from 1995 to 2016 when I found these trendlines for the main highs, lows and the major turning points.
-Most of the lines intersecting @ 13500's level, in the second half of 2019, this level is also the upper trend line of the weekly channel (the white dashed lines).
-By adding some Fibs according to the position we are now (i.e. we are now between 50% and 61.8%), I've found that:
* 2003 lows fell exactly on the extention 2.618%.
*the extention 1.618% was a major weekly support/resistance level between 1997 and 2009.
*the 112.7% extention was the double top of 2000 and 2007.
*the 100% was the base of the all time high wave in 2014, which also ended at the 13.5% level.
-From these levels and trend lines DAX key points and levels in my view are:
*from our position now @10800, if DAX breaks up then the next stops are @11200's then @11700's
*any major fall after that would be to the level @10150 then @9670.
*the 5th wave is most likely targeting the @13500 - @13600 levels by the 2nd half of 2019.
*this will be followed by a sell of to the 1st inclined red dashed line, breaking below it will triger a major recession to retest the @8100's level or even lower to @7600's-7000's.
OR this could be just an illusion of some random lines, still looks convincing to me ;)
** Will update the DAX on lower timeframes later after breaking @10800 or falling to the @10500' again.
-Most of the lines intersecting @ 13500's level, in the second half of 2019, this level is also the upper trend line of the weekly channel (the white dashed lines).
-By adding some Fibs according to the position we are now (i.e. we are now between 50% and 61.8%), I've found that:
* 2003 lows fell exactly on the extention 2.618%.
*the extention 1.618% was a major weekly support/resistance level between 1997 and 2009.
*the 112.7% extention was the double top of 2000 and 2007.
*the 100% was the base of the all time high wave in 2014, which also ended at the 13.5% level.
-From these levels and trend lines DAX key points and levels in my view are:
*from our position now @10800, if DAX breaks up then the next stops are @11200's then @11700's
*any major fall after that would be to the level @10150 then @9670.
*the 5th wave is most likely targeting the @13500 - @13600 levels by the 2nd half of 2019.
*this will be followed by a sell of to the 1st inclined red dashed line, breaking below it will triger a major recession to retest the @8100's level or even lower to @7600's-7000's.
OR this could be just an illusion of some random lines, still looks convincing to me ;)
** Will update the DAX on lower timeframes later after breaking @10800 or falling to the @10500' again.
Note
we are so closeNote
Price hit the selling Level just on time, will short on retesting @12070-80 after falling below it.Good luck
Note
13600 killed it
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