DAX Completes Wave Early And Starts ABC Correction
The day before yesterday, on Sunday, I have posted my latest analysis about the DAX30 (GER30) index, talking about the current waves 4 and 5 (green) and a possible target at 11.701.
The expected wave 4 (green) was pretty much spot on, the wave 5 wasn't really but I managed to detect the early completion before it was too late!
Unfortunately the wave has been completed early yesterday with a high at 11.606 which led me to close all existing DAX30 long positions in all my accounts with some profit.
So What's Next?
It pretty much looks like that the index has started its a-b-c correction, which could easily bring us down to 11.200 (former wave 4). However, I will not trade this correction setup but wait it to be completed and look for new long entries.
General speaking the correction actually comes handy and fits into the big picture. The Dow Jones was already struggeling with its high-rising and didn't give the DAX much space to the top. Say what you want but they are 'brothers' and generally head into the same direction.
Anyway, I keep my hands still on this one until the correction is finished.
The expected wave 4 (green) was pretty much spot on, the wave 5 wasn't really but I managed to detect the early completion before it was too late!
Unfortunately the wave has been completed early yesterday with a high at 11.606 which led me to close all existing DAX30 long positions in all my accounts with some profit.
So What's Next?
It pretty much looks like that the index has started its a-b-c correction, which could easily bring us down to 11.200 (former wave 4). However, I will not trade this correction setup but wait it to be completed and look for new long entries.
General speaking the correction actually comes handy and fits into the big picture. The Dow Jones was already struggeling with its high-rising and didn't give the DAX much space to the top. Say what you want but they are 'brothers' and generally head into the same direction.
Anyway, I keep my hands still on this one until the correction is finished.
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