? DAX Bearish Wave 3 after Rising Wedge and H&S Pattern ?

2 min read

Hi traders,

The DAX30 stock index is struggling to continue with the uptrend and a larger reversal is becoming more likely. June could be the 5th month in a row without a higher high, which could indicate the end of the bullish trend.

DAX

Month


A break below the support trend line could confirm the end of wave 3 or C and the start of a larger bearish correction.

Week


The DAX seems to be building a rising wedge reversal chart pattern. A bearish bounce at the 78.6% Fibonacci resistance level could also indicate a potential head and shoulders reversal chart pattern (dark red boxes).

Day


DAX is breaking a support trend line (dotted green) after it completed a bullish ABC within wave B (orange). Price could be building a potential bearish wave 3.

Good trading,
Chris Svorcik
Elite CurrenSea

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