DAX Bearish Wave 3 Rising Wedge and H&S Pattern
|Meta description: DAX is breaking a support trend line (dotted green) after it completed a bullish ABC within wave B (orange). Price could now be building a potential bearish wave 3.
DAX
Month
The DAX30 stock index is struggling to continue with the uptrend and a larger reversal is becoming more likely. June could be the 5th month in a row without a higher high, which could indicate the end of the bullish trend.
A break below the support trend line could confirm the end of wave 3 or C and the start of a larger bearish correction.
Week
The DAX seems to be building a rising wedge reversal chart pattern. A bearish bounce at the 78.6% Fibonacci resistance level could also indicate a potential head and shoulders reversal chart pattern (dark red boxes).
Day
DAX is breaking a support trend line (dotted green) after it completed a bullish ABC within wave B (orange). Price could be building a potential bearish wave 3.
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 assets. You should do your own thorough research before making any investment decisions. FXStreet 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.