Dax turned down, but first support can be near

Gregor Horvat Wavetraders

Dax has been trading higher since October 2022 but five waves up from that low suggested that bulls are done for now and that correction is in play. In fact, we have seen a nice reversal down recently, through the trendline support on the 4h chart so the corrective phase is here, but with three waves down from the top, we may start observing some of the support for wave (C). An interesting level for a new price stabilization can be at 15300-15400 area.

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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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