? DAX Respects Resistance Fibs of Wave 4 ?

2 min read

The DAX30 is still showing indecision at the support trend line (blue), which is a key decision zone for more up or down movement. A bearish breakout would confirm a deeper and more impulsive wave C (orange).

DAX

Weekly

A bearish break below the support trend line could see the DAX fall towards the Fibonacci levels.

Day

The DAX already has multiple days in a row where price is moving sideways. There are multiple wicks on the top and on the bottom of the candle indicating the indecision.

4 hour

The DAX is probably building a wave 4 (green) corrective pattern, as long as price stays below the 50% Fib of wave 4 vs 3. A bearish bounce and breakout could confirm the continuation of the wave 3 (brown) within the larger wave C.

Good trading,
Chris Svorcik
Elite CurrenSea

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