DAX: Weekly outlook and detailed analysis!#CHANES and ENTRYS.
מעודכן
HEy tradomaniacs,
welcome to a little weekly outlook!
Overall we`ve seen a very nice correction back above 11.100 which is a decent retracement after this holy moly huge sell-off we`ve seen after the S/H/S and Diamond-Pattern
got triggered though we have not even finished this superir trend-changing pattern yet.
So what can we expect? There is a lot of fundamental things going on, such as the tradewar, brexit and so on.
How ever, we want to focus on the technicals aspects and talk about important price-levels and possibilities.
Technical Aspects:
-----------------------------------------------------------------------------------------------------------------------------------------
Price-Action:
Since we`ve seen the Breakout of the S/H/S or Diamond-Pattern, Team bear seemed to be unstoppable and sold the diva
down to capitulation to a significant Support-Area between 10.261 and 10.859.
After the violatin of the important Resistance @ 11.000 and 11.100 and the confirmed S&R-Flip, we were not able to do anything and just
consolidated in between the red Resistance-Zone and the current major support.
It looks like the market is waiting for a clear impulse in to a direction, thus the next impulse should be crucial for the next upcoming moves.
Either we continue the downtrend with a lower high by a break through 11.100, indicated by the red diagonal resitance of the shorter timeframe,
or we violate the current resistance and probably retest at least 11.416, which is the next subservient resistance marked up in red.
The last "Endboss" to liquidate the bears of this downtrend would be @ 11.500 - 11.700.
A violation of this resistance could completly destroy dow current downtrend.
RSI:
-----------------------------------------------------------------------------------------------------------------------------------------
The RSI indicated a completly oversold market. This might be one reason for this retracement but also could
be interpreted as "Shit, I will never get the DIVA as cheap as now again." and a new impulse upwards in the longer
time frame.
For now we are back and are knocking at the door of Mr. Overbought to enter "Profit-Safe-Zone".
MAC-D:
-----------------------------------------------------------------------------------------------------------------------------------------
After the divergence the market reacted as expected.
We are above teh triggerline but could create a Sell-Signal very soon, since both MA/s tend to cross again.
This would probably force the Bulls of this impulse to safe their profit.
Moving Average:
-----------------------------------------------------------------------------------------------------------------------------------------
The yellow moving average represents a period of the important 100 days.
As you can see, we are currently close below and could bergin to test it, after we`ve seen a breakout!
The blue moving average represents a period of 50 days,
AS you cann see we already respected that MA as a new support and could bounce of it over and over again.
Fibonacci:
-----------------------------------------------------------------------------------------------------------------------------------------
The yellow Fibo-Bar represents the retracement of the very big timeframe and shows a stop of the sell-off close The 61,8% retracement.
This is a very good sign and represents a valid UPTREND in the big picture, according to the elliot-wave-theory.
Please check my other charts to see more in the weekly chart!
The green Fib-Bar measures the current retracement of the sell-off. We made it above the 23,6% retracement,
which is exactly between the current Support-Zone @ 11.052.
A further retracement up to 38,2 is very likely if we break through the current "Sell-Pressure-Zone".
The sell-off ended btw. @ the 161% extension of the impulse downwards!
Steepness:
-----------------------------------------------------------------------------------------------------------------------------------------
The steepness is decreasing and represents weakness of the down-trend.
How ever, it looks like we currently stuck in a very tight range and should wait for the next impulse to come!
If we fall, then we`d see a classic trend-continuation.
-----------------------------------------------------------------------------------------------------------------------------------------
Conclusion and nice prices to trade:
Sell below 11.050 or below the 50 MA @ 10.971!
Buy @ 11.289 or above 11.300!
-----------------------------------------------------------------------------------------------------------------------------------------
AND as always: Don`t just randomly trade. Wait for your triggers, confirmations.. and.. yeah I guess you know what I mean.
I wish you a great start into the next trading-week!
-----------------------------------------------------------------------------------------------------------------------------------------
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
Wanna see more? Don`t forget to follow me.
Any questions? PM me. :-)
welcome to a little weekly outlook!
Overall we`ve seen a very nice correction back above 11.100 which is a decent retracement after this holy moly huge sell-off we`ve seen after the S/H/S and Diamond-Pattern
got triggered though we have not even finished this superir trend-changing pattern yet.
So what can we expect? There is a lot of fundamental things going on, such as the tradewar, brexit and so on.
How ever, we want to focus on the technicals aspects and talk about important price-levels and possibilities.
Technical Aspects:
-----------------------------------------------------------------------------------------------------------------------------------------
Price-Action:
Since we`ve seen the Breakout of the S/H/S or Diamond-Pattern, Team bear seemed to be unstoppable and sold the diva
down to capitulation to a significant Support-Area between 10.261 and 10.859.
After the violatin of the important Resistance @ 11.000 and 11.100 and the confirmed S&R-Flip, we were not able to do anything and just
consolidated in between the red Resistance-Zone and the current major support.
It looks like the market is waiting for a clear impulse in to a direction, thus the next impulse should be crucial for the next upcoming moves.
Either we continue the downtrend with a lower high by a break through 11.100, indicated by the red diagonal resitance of the shorter timeframe,
or we violate the current resistance and probably retest at least 11.416, which is the next subservient resistance marked up in red.
The last "Endboss" to liquidate the bears of this downtrend would be @ 11.500 - 11.700.
A violation of this resistance could completly destroy dow current downtrend.
RSI:
-----------------------------------------------------------------------------------------------------------------------------------------
The RSI indicated a completly oversold market. This might be one reason for this retracement but also could
be interpreted as "Shit, I will never get the DIVA as cheap as now again." and a new impulse upwards in the longer
time frame.
For now we are back and are knocking at the door of Mr. Overbought to enter "Profit-Safe-Zone".
MAC-D:
-----------------------------------------------------------------------------------------------------------------------------------------
After the divergence the market reacted as expected.
We are above teh triggerline but could create a Sell-Signal very soon, since both MA/s tend to cross again.
This would probably force the Bulls of this impulse to safe their profit.
Moving Average:
-----------------------------------------------------------------------------------------------------------------------------------------
The yellow moving average represents a period of the important 100 days.
As you can see, we are currently close below and could bergin to test it, after we`ve seen a breakout!
The blue moving average represents a period of 50 days,
AS you cann see we already respected that MA as a new support and could bounce of it over and over again.
Fibonacci:
-----------------------------------------------------------------------------------------------------------------------------------------
The yellow Fibo-Bar represents the retracement of the very big timeframe and shows a stop of the sell-off close The 61,8% retracement.
This is a very good sign and represents a valid UPTREND in the big picture, according to the elliot-wave-theory.
Please check my other charts to see more in the weekly chart!
The green Fib-Bar measures the current retracement of the sell-off. We made it above the 23,6% retracement,
which is exactly between the current Support-Zone @ 11.052.
A further retracement up to 38,2 is very likely if we break through the current "Sell-Pressure-Zone".
The sell-off ended btw. @ the 161% extension of the impulse downwards!
Steepness:
-----------------------------------------------------------------------------------------------------------------------------------------
The steepness is decreasing and represents weakness of the down-trend.
How ever, it looks like we currently stuck in a very tight range and should wait for the next impulse to come!
If we fall, then we`d see a classic trend-continuation.
-----------------------------------------------------------------------------------------------------------------------------------------
Conclusion and nice prices to trade:
Sell below 11.050 or below the 50 MA @ 10.971!
Buy @ 11.289 or above 11.300!
-----------------------------------------------------------------------------------------------------------------------------------------
AND as always: Don`t just randomly trade. Wait for your triggers, confirmations.. and.. yeah I guess you know what I mean.
I wish you a great start into the next trading-week!
-----------------------------------------------------------------------------------------------------------------------------------------
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
Wanna see more? Don`t forget to follow me.
Any questions? PM me. :-)
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