❗️ DAX30 Testing Triangle Resistance of Critical Decision Zone ❗

2 min read

Hi traders,

The German index DAX30 is testing the resistance trend line (red), which could be a critical decision zone for a bullish breakout or bearish bounce.

DAX30

Week


DAX could be in a triangle chart pattern, which would be confirmed by a bearish reaction at the resistance line (red) whereas a bullish breakout above the top of wave B (pink) invalidates the potential ABCDE triangle.

Day


The DAX index has been building multiple 3 wave corrections, which is creating the contracting triangle chart pattern indicated by the support and resistance trend lines.

4 hour


The DAX index is in a bullish trend channel after building two ABC zigzag patterns. The wave C (blue) however could being completed, which is confirmed if price manages to break below the channel. A break above the 78.6% (purple box) makes a wave D (pink) less likely but the invalidation level is the 100% Fib (purple box).

Good trading,
Chris Svorcik
Elite CurrenSea

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