DAX: The intraday pattern shows room for further strenght

Gregor Horvat Wavetraders

DAX is trading sideways, it's been trapped in this range here around 17k for the last two week. It's totally normal to see price undecided at important round figures, especially if that happening at all-time highs. Well, what we see here is a triangle placed in wave four, a continuation pattern that suggests further strength for DAX this week, The price will break higher, to around 17150-17200 area. But keep in mind that if the price really comes out of a triangle, then the net bullish leg will be final in a sequence, so despite breaking higher, resistance won't be far away. On the opposite side, break of 16800 area, will likely put more weakness in play and deeper correction for stocks could start.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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