DAX30 Where could we start buying?
I have published my longterm DAX forecast 8 months ago. SHS pattern has not worked as I anticipated. However, another SHS pattern completed later. My target was 10.400 and we have reached the target.
The global sell-off continues on equities, stocks, indices and commodities.
The megatrend has been broken on DAX30 Index.
Issues like global growth concerns, trade war, political turmoil in Eurozone keep DAX30 Index under selling pressure.
I do not see any reason for buying the DAX30 Index at the current level. Closing above 11.800 can be used a buying opportunity.
The Index is likely to test 10.000 support. A break below would send the pair 97500 Fib 78.6 and 9.350 Fib 88.6 retracement of the initial bullish leg.
9.750 – 9.350 interval can be used as a buying opportunity.
I will update for the members as soon as I get a clear entry signal.
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DAX30: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.