DAX, this has to drop somewhen
Atualizado
Hello everyone,
against all fundamental backdrop the DAX has created a new ATH, which is inline with my elliot wave analysis. To make it short I want to trade against the strong trend movement to catch a correction back to the 16k area. Confirmation will be the break of the current area of 16750.
If you want to scalp this you can just set your SL over the recent high. I prefer to have it higher, in case there will be one more wave.
against all fundamental backdrop the DAX has created a new ATH, which is inline with my elliot wave analysis. To make it short I want to trade against the strong trend movement to catch a correction back to the 16k area. Confirmation will be the break of the current area of 16750.
If you want to scalp this you can just set your SL over the recent high. I prefer to have it higher, in case there will be one more wave.
Nota
Background information:I'm working with self made indicators in a beta phase to find good entries. Currently both indicators I use to find oversold areas are showing a highly oversold sentiment on the daily and 4H chart. If this happens I am looking for breakout signals and found a strong 4H candle that supported the short move yesterday. This candle high was confirmed today, so I opened the short position.
Nota
To specify the elliot wave analysis, this is a long term count I'm tracking for a few month to confirm the end of the movement. The main goal is to enter short at the end of wave 5, because of the huge potential for lower prices. If the wave count will become true, 17.600 - 17.800 will be the best area to get into short positions.Targets will be 14.000 - 16.000, depending on the economic situation next year.
Nota
Next ATH after FOMC again, not changing my mind, that we have to see a correction soon.Nota
17k reached, could be a good psychological turning point, but no confirmation yet.Nota
Watch out for the inverted hammer candle close. This could confirm the top at 17k.Nota
Bearish move is about to start. Please follow my new idea with more detailed price action.Nota
As you may noticed I have a bullish wave count in this idea, but the idea is following a short strategy.For the mid-term I expect a top to be built between 17600 and 18000 approximately. In my opinion it is not suitable to get in a long position now, as there is still the chance of a correction to one of the levels, marked with the arrows.
On the other hand, if a new ATH will be created over the current ATH, it will be a great shorting opportunity.
Nota
This played out nicely. I will recalculate the next wave target and create a new idea soon. Closing this idea now.
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