DAX30 Uptrend Requires Pullback to 38.2% Fibonacci
|The German index DAX 30 seems to have completed an impulsive wave 3 (dark red) at the top of the bullish channel. A bearish pullback seems imminent.
DAX 30
4 hour
The DAX 30 index could build a wave 4 (dark red) retracement back to the Fibonacci support levels of wave 4 vs 3 if price manages to break below the support trend line (green). A bullish bounce at the wave 4 Fibs could confirm (green check) the bullish trend continuation whereas a break below the 61.8% Fib invalidates (red x) the expected wave structure. A breakout is aiming for the Fibonacci targets (red circle).
1 hour
The DAX 30 could build a bearish ABC (green) pullback to the Fibonacci levels of wave 4 vs 3. The main bouncing spot (green check) for an uptrend continuation (green arrows) is probably the 38.2% Fibonacci retracement level.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
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.