? DAX30 Uptrend Requires Pullback to 38.2% Fibonacci ?

2 min read

Hi traders,

the German index DAX 30 seems to have completed an impulsive wave 3 (dark red) at the top of the bullish channel. A bearish pullback seems imminent.

DAX 30

4 hour

The DAX 30 index could build a wave 4 (dark red) retracement back to the Fibonacci support levels of wave 4 vs 3 if price manages to break below the support trend line (green). A bullish bounce at the wave 4 Fibs could confirm (green check) the bullish trend continuation whereas a break below the 61.8% Fib invalidates (red x) the expected wave structure. A breakout is aiming for the Fibonacci targets (red circle).

1 hour

The DAX 30 could build a bearish ABC (green) pullback to the Fibonacci levels of wave 4 vs 3. The main bouncing spot (green check) for an uptrend continuation (green arrows) is probably the 38.2% Fibonacci retracement level.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X