DAX Technical Analysis for December 11, 2015
Posted by FXTimes in Featured - December 11th, 2015 5:44 am GMT
The 4H chart view presented here might be indicating that an intermediary low might have formed around 10500 levels in DAX and prices could be looking to rally through 11000-100 levels in near term. Looking into the wave count here, the rally across 9330 through 11400 levels remains the upswing for now. A corrective drop (3 waves) might be unfolding now, which could bring down prices to 10100 levels before the rally could resume. The first wave of correction seem to be ending now and second wave rally is expected to travel through the 11000-100 levels (fibonacci 0.618 of the drop from 11400 to 10500) now, before reversing lower. Hence if the above wave count holds true, prices would be rallying now through 11000-100 levels and then turn back to drop lower. The immediate interim support is seen at 10500 levels while resistance at 11000 levels respectively. The RSI has also moved over from 30 levels, which is encouraging to bulls. [Tip: Find out a list of forex brokers
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Long now, stop at 10470, target 11100.