DAX Bearish Wave 3 Rising Wedge and H&S Pattern

Chris Svorcik Elite CurrenSea

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.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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