Germany30
Potential DAX trade for tomorrowApproaching the apex of the symmetrical triangle drawn here. I am hoping for a break out to the downside at point 7. I would then expect a pullback at previous structure, and then have a main profit target at strong levels of previous structure.
The upward break at point 6 is also potential for a small trade.
Short GER30 IMMEDIATELYGER30 is in an extremely bearish trend.
After a classic Head and Shoulders pattern formed, prices pushed down and broke the H&S neckline right away.
On 1 Feb, an expected pullback was completed and a very usual and huge amount of short orders were placed at 9837 after 15 mins of futures market opens, therefore I warned the traders to be cautious.
Option 1: Price go straight to 8400.
Option 2: Now -> 9300-9400 -> 9800-9900 -> 8400.
All "targets" for 10000+ or 10122 or 10400 in this correction can be treated as jokes.
Jimmy,
the full time trader,
Candle Sticks specialist,
Elliott Wave Counts specialist.
ISM PMI triple threat ?Since 2009 the ISM PMI has never hit under 49.0 3 times in a row , let see what China Manufacturing brings this Monday Feb 1 in the morning. With Iphone sales slowing and the FED meeting on Mar 16
I don't know if the PMI is anything to read into but i worry about it , if this prediction does not work then its market thinking about QE instead of the global slowdown.
DAX Daily - BearishThe DAX30 index is moving in a descending wedge, which is a bearish formation. We can see that the market respects the formation, in which an overshoot of the upper trendline resulteted in an overshoot in the ABCD move (Which then hit the support line). We have a major ABCD move going in bearish direction down to 8350 and combined with the formation, it would be fair to guess we should be going down.
We therefore have 3. scenarios.
1) We rally up to the 10400 area, before sellers slams the price down through 9300 and all the way to 8350.
2) Buyers rally the market up over the upper trendline, where a likely pullback will occur shortly afterwards, which will, it held, result in a bullish market.
3) We bounce some more inside the formation before 1 or 2 happens.
Bullish Harmonics in play - 10,300 nextThe PRZ of the Bullish Gartley in the DAX holds following FOMC.
Price finds support on the top of the PRZ and, for now, it is above the Fast SMA line for the first time in weeks.
10,300 and 10,700 are next target zones for this bullish setup.
Needs to be confirmed with bullish daily close.
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Bullish Gartley pattern - DAX Bullish Gartley pattern
Stop loss below 9400
Potential targets - 10200, 10600
DAX daily critical levelI've paused trading the DAX but can't help [ but notice it's price action on this rising trendline on the daily chart. Break below this and things will surely get interesting. At the end/top we have this triangle pattern.
DAX - GOOD TO BUY ON DIPSShorting till 0.764 fib level. This area is where consolidation occurs - as shown by the circles on the chart.
Overall trend is still bullish as long as the key pyschological support 10,000 holds. Thus why I am hedging by buying GER30 futures. Stop loss on buy positions 10,179 and 10,000.
