Jump to content

DAX Technical Analysis for week 06/11/2017


Peter23

Recommended Posts

Dax weekly EW count suggests a major wave 3 in a cycle started Feb 2016 may have completed last week.

Note the similarity in both time and distance for sub waves i and v which is a classic EW pattern. To increase the probability of a turn, we need to investigate the lower time frames starting with the Daily chart down to the 1hr chart.DAX Weekly.png

Link to comment

Examining the Daily chart shows that there is scope for a run to 13600-670 where the 5th wave of the major wave 3 would represent a 61.8% extension of the cycle started 29th August - this again is a classic EW pattern where the wave 3 in the cycle is an extended wave and exceeded its ideal target. So again, further analysis of the lower time frames is required to increase the probability further.DAX Daily.png 

 

Link to comment

Examining the 1hr chart suggests that a wave 3 in the cycle from 29th August is the most likely structure to have completed and a wave 4 in the cycle would now target former cycle resistance at 13250. Only a break with 1hr and Daily close would suggest a larger cycle has completed. If correct, then dips towards 13250 would then target 13600-670 to complete the major weekly cycle and call for a deeper retest of former resistance at 12950 area.DAX 1 hour.png

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
      22,148
    • Total Posts
      93,040
    • Total Members
      42,537
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Adge115
    Joined 07/06/23 14:33
  • Posts

    • Look Ahead to 8/6/23: eurozone, Japan growth; US initial jobless claims; Crest Nicholson, MITIE earnings Growth is in focus as investors await eurozone and Japan GDP data, plus keep an eye out for US initial jobless claims ahead of the Fed monetary policy meeting next week. Crest Nicholson and MITIE post results. Angeline Ong | Presenter, Analyst and Content Editor, London | Publication date: Wednesday 07 June 2023              
    • With the price of Brent having failed between $77.50 and $78.50 three consecutive times in the past month, we will go short at $76.70 with a downside target at $72.00 and a stop-loss at $78.55 on a daily chart closing basis. Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 07 June 2023
    • Charting the Markets: 07 June Indices grind higher. EUR/USD, GBP/USD and USD/CAD struggle to make headway. And WTI and gold trade in low volatility while wheat slips back. Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 07 June 2023                       This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
×
×
  • Create New...