DAX might have terminated its corrective rally around 12840 levels, potential Wave 2. The indice had dropped from 12920 highs around June 09 2020, through 11600 by June 15, 2020. This drop was clearly sub divided into 5 waves, potential Wave 1 here. Note that potential Wave 2 has exceeded the fibonacci 0.786 retracement by around 100 points. If the above counts hold well, DAX should remain below 12920 and continue towards 10200 and beyond. Also note that a break below 10200 would confirm a potential trend reversal towards 8000 levels, going forward. At a larger degree, DAX has carved Wave (2) around 12920 and is progressing into Wave (3) since then.
Remain short, stop above 13000, target below 8000
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop above 13000, target below 8000
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.