? DAX30 Bearish ABC Zigzag Pattern Aims for 10,000 ?

2 min read

Hi traders,

The German stock index DAX 30 has made a bearish bounce at the 61.8% Fibonacci retracement level of wave 4 (green) and has now broken below two support trend lines (dotted blue). The bottom however remains intact and waves 4 do tend to become choppy and lengthy so a longer WXY correction within wave 4 (green) could occur first before the wave 5 (green) starts.

DAX 30

4 hour


The DAX 30 seems to be completing a bearish ABC (blue) zigzag pattern which could aim for the Fibonacci retracement levels of wave C vs A.

Daily


The DAX 30 seems to be building a large bearish WXY (pink) correction. A downtrend could occur if price manages to break below the 38.2% Fibonacci retracement level of wave 4 vs 3 just below 10,000 at 9,750.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X