Is Dax trading in a wedge pattern?

Gregor Horvat Wavetraders

Looking at the 4-hour chart of DAX, we can see a strong rebound in the last two months back to new ATH, but bulls can be losing some strength up here as we see price turning back down to 19k area, where overlap with black wave I put wedge shape in action. We are talking about ending diagonal, with wave IV retracement back to around 18850/18900 support, from where we may see a final push higher. Move beyond 19236 bullish level makes room for 19600, for fifth of a fifth.

Break below 18686 level will suggest that DAX is headed lower, at least temporarily.

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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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