DAX at Critical Resistance – Bearish Crab Pattern Could Trigger

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The German GER30

The German Dax has formed a bearish crab pattern at €20,442, at the 224% Fibonacci extension. This pattern could potentially bring the index back to €19,874, representing a 38.2% retracement from the recent rally between the weekly fractal support at €18,814 and the latest resistance at €20,529 (the historical highs above the daily fractal resistance). Currently, the daily fractal support is established at €20,265, and is under pressure.

The question remains: will the index pull back before Christmas?

Key Highlights:

• Bearish crab pattern formed at €20,442.
  
• Potential retracement to €19,874.
  
• Daily fractal support at €20,265 under pressure.