DAX Important Zones Will Determine the Next Move
October 6, 2020
2 min read
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Dear traders,
Both buyers and sellers are locked at specific POC zones. Whichever zone comes first, it should determine the next move.
Buying zone comes at 50.0 Fib and D L5 confluence zone. 12700-25 is where the buyers are. However, sellers are waiting at 88.6 Fib which makes a confluence with W H5 and D H5 levels 13000-13040. Watch for either bearish rejection at 88.6 or a bullish bounce at 50.0. Target for both moves should be 12903. If bears get on a winning side then only below 12714 we should see a continuation down. If bulls win, only above 13129 we should see a continuation move up.
The Analysis has been done with the Black Widow system.
Good trading,
Nenad Kerkez
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