• 15 hours $5 Million Gold Toilet Vanishes
  • 15 hours Gold On The Rise After Fed Rate Cut
  • 18 hours Oil Trader Loses $320 Million On Derivative Bets
  • 2 days S&P 500 Officially In An Earnings Recession
  • 2 days Miners Are Weathering The Trade War Storm
  • 2 days UK Credit Card Interest Rates Are Skyrocketing
  • 3 days From Frenzy To Flop, The Death Of This Year’s Most Hyped IPO
  • 3 days Are Smart TVs Spying On Us?
  • 3 days Is Fossil Fuel Divestment A Waste Of Time?
  • 4 days A Russian Billionaire’s Space Quest To Save Humanity
  • 4 days Markets Take Breather As Consolidation Continues
  • 4 days Economic Woes Weigh On Copper Prices
  • 4 days World's Largest IPO At Risk Following Drone Strikes
  • 5 days Gold Is Beating Buffett’s Berkshire Hathaway
  • 5 days What’s Behind The Silver Sell-Off?
  • 5 days The Retail Apocalypse Is Accelerating
  • 5 days The Top Tech Stocks Of The Year
  • 6 days America’s Workforce Elderly Workforce To Double By 2028
  • 6 days Toyota Tests Solar-Powered Prius
  • 7 days Why The Gold Rally Flatlined
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

TheWaveTrading

TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

Contact Author

  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