DAX - Weekly - Mr. Elliott with his waves is all over it.
This is a simple view on DAX and its potential moves. Apologies for the messy chart.
So, it seems that it is in its corrective move right now, finishing the C wave.
Now then, in our ideal world textbook scenario, we have a beautiful trend line passing underneath, that could work as a support level. Then we beautifully bounce off of it and head higher towards all the "Santa Claus" rallies and stuff like that.
BUT there's always a big "BUT".
I suggest watch the Weekly candle formations, this week's and next. This could be an interesting trade. If we will break the trend line on a Weekly and stay below it, then maybe we will re-test the 100 MA. But that would be a real drastic move. But then again, it's the markets that we are talking about here. Always be prepared for stupid moves.
This is just an idea. My view is more to the downside for now. But hey, what do I know.
Keep an eye on the rice action!
So, it seems that it is in its corrective move right now, finishing the C wave.
Now then, in our ideal world textbook scenario, we have a beautiful trend line passing underneath, that could work as a support level. Then we beautifully bounce off of it and head higher towards all the "Santa Claus" rallies and stuff like that.
BUT there's always a big "BUT".
I suggest watch the Weekly candle formations, this week's and next. This could be an interesting trade. If we will break the trend line on a Weekly and stay below it, then maybe we will re-test the 100 MA. But that would be a real drastic move. But then again, it's the markets that we are talking about here. Always be prepared for stupid moves.
This is just an idea. My view is more to the downside for now. But hey, what do I know.
Keep an eye on the rice action!