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TheWaveTrading

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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
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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
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