DAX is on a strong correction (short term for the time being) with the 4H Channel Down (RSI = 38.828, MACD = -65.800, Highs/Lows = -254.2571) approaching the 12,945 - 12,885 1D Support Zone. On the short term our 13,100 Target on the previous sell call has been hit:
Right now we are focusing on where the Support levels are on this strong correction, and where is most optimal to buy. As long as the short term 12,945 - 12,885 Support Zone holds, we can expect a bounce any time now as the -5.00% correction is completed which is the norm on a medium term basis (happened in October 1st, 2019).
If 12,885 breaks though, then the correction will follow the longer term norm of -10.50% (happened in late July, 2019). As a result in that case we will wait for contact with the 1D MA200 (orange line) and buy for the long term. The Target will be at least 13,640.
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Right now we are focusing on where the Support levels are on this strong correction, and where is most optimal to buy. As long as the short term 12,945 - 12,885 Support Zone holds, we can expect a bounce any time now as the -5.00% correction is completed which is the norm on a medium term basis (happened in October 1st, 2019).
If 12,885 breaks though, then the correction will follow the longer term norm of -10.50% (happened in late July, 2019). As a result in that case we will wait for contact with the 1D MA200 (orange line) and buy for the long term. The Target will be at least 13,640.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.