? Double Bottom DAX 30 Indicates Pullback in Downtrend ?

2 min read

Hi traders,

The German stock index DAX 30 bounced at the previous bottom (blue) and seems to be making a double bottom. The bullish bounce indicates the end of a bearish ABC wave pattern and the start of a bullish ABC.

DAX 30

4 hour


The DAX 30 is expected to rise towards the Fibonacci retracement levels of wave B vs A, which in turn are likely to act as resistance spot. Price could complete a wave Y (orange) of the larger correction within wave B (green).

Daily


The DAX 30 is showing a downtrend and the current wave B (green) seems to be a pullback for more bearishness. A reversal at the resistance Fibs could see price challenge the support zone again.

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Good trading,
Chris Svorcik
Elite CurrenSea

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