DAX: Technical correction has started
For those who do follow my DAX chart and analysis, as forseen, the index has started its correction.
We have a confirmed Raisong Wedge pattern and a beginning of a correction on DAX.
This correction may also be on a medium term a reversal, but we are not there yet.
As far as the correction is concern, one can easily have 9763 as an initial target, then a little upside correction based on an excessive sell and therefore target on the upside should not exceed 9850. The second move on the dowside may be very much around 9600, and 9450 with some technical fine tune on the upside when the market is on an oversold level. Bellow 9450, it would start to be a reversal of trend with 9340, 9173 and 8950. But we are not here yet.
We have a confirmed Raisong Wedge pattern and a beginning of a correction on DAX.
This correction may also be on a medium term a reversal, but we are not there yet.
As far as the correction is concern, one can easily have 9763 as an initial target, then a little upside correction based on an excessive sell and therefore target on the upside should not exceed 9850. The second move on the dowside may be very much around 9600, and 9450 with some technical fine tune on the upside when the market is on an oversold level. Bellow 9450, it would start to be a reversal of trend with 9340, 9173 and 8950. But we are not here yet.
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