• 3 hours Pipeline Hackers Lose Access To Ransom Funds
  • 8 hours Military Coups Are Big Business
  • 1 day Crypto Market Crashes As Tesla Turns Its Back On Bitcoin
  • 2 days Gold Bulls Are Facing An Uphill Battle
  • 3 days Has The Dogecoin Hype Fizzled?
  • 5 days America's Semiconductor Shortage Is Just Getting Started
  • 8 days The EU Begins Backtracking On China Trade
  • 9 days Americans Are Sick Of Unfair Taxation
  • 11 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 13 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 14 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 15 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 17 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 18 days The New Economic World Order After Covid-19
  • 22 days 3 Signals To Watch For A Stock Market Correction
  • 24 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 25 days Wall Street Banks Are Back
  • 25 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 26 days Which Country Is The World’s Largest Investor In Batteries?
  • 28 days Are Bitcoin’s Environmental Risks Overblown?
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

DAX: Massive Reversal

A massive 498 points reversal and the loss of the 50 dma has resulted in an ugly Shooting Star. If that is not enough today the DAX has broken a Rising Wedge. This is a bearish pattern that increases the odds that the rebound is over and price is heading in a downward direction.

In my humble opinion the prospects of a larger countertrend rebound have been seriously damaged. If the support located at 9314 does not hold odds should favor the resumption of the downtrend with another down leg

DAX Daily Chart
Larger Image

If tomorrow there is more follow through to the downside the DAX would also display a Shooting Star in the weekly time frame increasing the probability, if the count that I am following is correct, of the resumption of a Double Zig Zag from the April 2015 top with the last wave (Y) down

DAX Weekly Chart
Larger Image

 

Back to homepage

Leave a comment

Leave a comment