? DAX30 Breaks Resistance but Faces Critical Fib Levels ?

Hi traders,

The German stock index DAX 30 has broken above the resistance trend lines (dotted) but price action is still facing key Fibonacci resistance levels of wave B (blue).

DAX 30

4 hour

The DAX 30 is expected to make a bearish bounce at the Fibonacci retracement levels of wave B vs A and then re-challenge the support level (blue). A break above the 100% Fibonacci level invalidates the expected bearish ABC (blue) zigzag pattern.

Daily

The DAX 30 is in a long-term downtrend but overall the price action movement is choppy and corrective, which could indicate a larger bullish wave 4 (light purple) pattern. For the moment, a bearish ABC (blue) is expected to take price down lower unless price manages to break above the resistance trend lines and Fibs levels.

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Good trading,
Chris Svorcik
Elite CurrenSea

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