? DAX 30 Bearish Breakout Starts Impulsive Wave C ?

2 min read

Hi traders,

The German stock index DAX 30 is showing another bearish breakout as the downtrend continues full force. Price competed a bullish ABC (orange) zigzag pattern as part of a wave B (green) and now seems ready for a bearish decline in wave C (green).

DAX 30

4 hour


The DAX 30 is expected to fall towards the 38.2% Fibonacci retracement level of wave C vs A at around 10,000. The bearish zigzag could complete a larger bearish correction as part of a wave 4 (purple).

Daily


The DAX 30 seems to be building a large WXY (pink) correction within a wave 4 (purple). The 38.2% Fibonacci level is a key support zone as a bounce could confirm the wave 4 and the potential for a new uptrend and one more wave 5. A bearish break however could indicate a larger reversal and downtrend.

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Good trading,
Chris Svorcik
Elite CurrenSea

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