❗️ DAX30 Close to Invalidating Bullish Triangle Pattern ​❗

2 min read

Hi traders,

The German index DAX30 is testing the previous wave C (pink) bottom. The wave E has fallen deeper than expected and could invalidate the current triangle pattern if price manages to break below the support zone (blue box).

DAX30

4 hour


DAX is expanding a bearish correction via an ABC (blue) within wave Y (purple) and is now testing the bottom of wave C (pink). A bearish breakout indicates that a different wave pattern is valid. Either price is still in a wave C (pink) or the triangle could be a bearish pattern with a bearish break. A bullish bounce however could indicate the end of a wave E (pink) and start of the uptrend.

Day


The DAX index is breaking below the support trend lines which could be a bad sign for the survival chances of the bullish triangle chart pattern.

Week


The DAX index could be expanding the bearish correction within wave 4 (purple) if price manages to break below the support trend line (green) and bottom of wave C (pink).

Good trading,
Chris Svorcik
Elite CurrenSea

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