2024-08-06 - priceactiontds - daily update - dax
Good Evening and I hope you are well.
comment: Neutral between 17300 and 17650. Market is trying to find a bottom in a big trading range. As long as market stays below 17900, it’s max bearish. I expect a slow grind to retest the lows over the next 1-2 days and those lows will most likely hold so we can move much more sideways.
current market cycle: bear trend
key levels: 17100 - 17800
bull case: Bulls got their pullback but only printed an inside bar on the daily chart, which is weak. Their only goal is to get above 17900 and break above the July low and close as much of the gap to 18150 as possible. First target is 17700 and then the Globex high from Monday at 17732.
Invalidation is below 17000.
bear case: Bears kept the bounce below the 4h 20ema and below the Globex high from Monday. They want this bear flag to be shallow and mostly sideways before another strong leg down. A measured move down would bring us to 15600 but for that to happen in 2024, we would ne an event or nothing but annihilation of earnings next quarter. My head & shoulders target from 3 or 4 weeks ago was missed by less than 100 points on Monday, I consider this to be close enough.
Invalidation is above 17900.
short term: full bear mode. Target was 17844 and we got 17110. Play the bear flag for now but the lows will be retested. More sideways movement over the next days or weeks.
medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024.
Update: 17110 was hit and my bear targets are done for now. We need to form a proper channel and move much more sideways to up before we will get the second big leg down. Measured move target is 15600 but as of now, I can’t see this being hit in 2024, without an event.
current swing trade: Closed all shorts for 800+ points. Currently not interested in anything but intraday scalps.
trade of the day: Shorting the Globex high double top 17650 after the second big bear bar. That was good for 170 points which was a bit lower than the gap to y close.
comment: Neutral between 17300 and 17650. Market is trying to find a bottom in a big trading range. As long as market stays below 17900, it’s max bearish. I expect a slow grind to retest the lows over the next 1-2 days and those lows will most likely hold so we can move much more sideways.
current market cycle: bear trend
key levels: 17100 - 17800
bull case: Bulls got their pullback but only printed an inside bar on the daily chart, which is weak. Their only goal is to get above 17900 and break above the July low and close as much of the gap to 18150 as possible. First target is 17700 and then the Globex high from Monday at 17732.
Invalidation is below 17000.
bear case: Bears kept the bounce below the 4h 20ema and below the Globex high from Monday. They want this bear flag to be shallow and mostly sideways before another strong leg down. A measured move down would bring us to 15600 but for that to happen in 2024, we would ne an event or nothing but annihilation of earnings next quarter. My head & shoulders target from 3 or 4 weeks ago was missed by less than 100 points on Monday, I consider this to be close enough.
Invalidation is above 17900.
short term: full bear mode. Target was 17844 and we got 17110. Play the bear flag for now but the lows will be retested. More sideways movement over the next days or weeks.
medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024.
Update: 17110 was hit and my bear targets are done for now. We need to form a proper channel and move much more sideways to up before we will get the second big leg down. Measured move target is 15600 but as of now, I can’t see this being hit in 2024, without an event.
current swing trade: Closed all shorts for 800+ points. Currently not interested in anything but intraday scalps.
trade of the day: Shorting the Globex high double top 17650 after the second big bear bar. That was good for 170 points which was a bit lower than the gap to y close.
Aviso legal
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