D1: On the daily chart the situation is unchanged. DAX is in a corrective phase. Yesterday a bearish candle with long wick was born. Bears tried to push down the price but it could not even get to the daily level 11,300.
H4: Yesterday morning DAX started moving downwards with relatively high dynamic while it broke the daily zone 11,620. Then it tested with wicks the close of the bottom at 11,371 (30/04/2015) and it rests halfway between a two daily zone (11,300 and 11,620). The trend is more bullish because local tops are rising.
H1: On Monday a bearish signal arrived in the candle at 9 am (GMT + 2:00) which dynamic suggested turning downwards. Then, however, bears and bulls were unable to decide which direction to choose. Yesterday a continuation of this indication arrived. The correction of 11,163 bottom (07/05/2015) and 11,731 (08/05/2015) took place with powerful dynamics. The price fell exactly until the 61.8 retrace (07/05/2015 low – 08/05/2015 high) where it turned with a candle with long wick. After this 270 pip fall the dynamic decreased. DAX rests now with small-bodied candles.
Rise: The price turned up from a significant place but the dynamics are so small that for the time being it is not worth trying to deal with upward entries. If a larger bodied candle formed in this direction we may think about entry. Targets are the 161.8% then 200% retrace of 08/05/2015 top and 12/05/2015 bottom. These levels are at very important H4 zones. After the main trend line breaks, the price can get easily there.
Fall: For now the dynamics go downwards and the price is under the main trend line. The two local tops (05/05/2015 and 08/05/2015) are nearly on the same level so the trend is rather bearish on this time frame. If the bottom at 11,412 breaks DAX may continue to fall. Initial target price is the bottom of 07/05/2015 at 11,228.
H1: In the time frame the direction is a bit clearer. As a local top was not broken so downwards trend remained although the bullish dynamics (07/05/2015 and 08/05/2015) unsettled the market. Yesterday morning the price rose until 61.8% retrace level (08/05/2015 high and 12/05/2015 low) at 11,595 and then it turned off. DAX fell with powerful dynamics again. 161.8% retrace of 12/05/2015 bottom and 13/05/2015 top caught it strongly.
Rise: For the time being I do not think of upwards entries except on the small time frames. DAX may test back until yesterday’s correction levels.
Fall: the price may fall even further without consolidation or correction. Initial take profit level is 200% retrace (closes of 12/05/2015 bottom and 13/05/2015 top). If the bottom on 07/05/2015 break then we can expect further falling. Target price is in this case 161.8% and 200% retrace (closes of 07/05/2015 bottom and 07/05/2015 top).
H1: Yesterday EUR/USD broke the last local top at 1.13779 (07/05/2015) then it tested back this at the 23.6% retrace of the 1.11309 – 1.14447 rise (11/05/2015 low - 14/05/2015 high). The dynamic is winded, smaller and smaller candle bodies have formed. Now it rests on the 1.14 daily zone. Anything can happen.
Rise: After breaking the last top (14/05/2015) I would anticipate rise. The take profit level is 161.8% and 200% of the Fibonacci Retracement level of the 1.13779 – 1.114 fall (07/05/2015 top / 12/05/2015 low). However, if the instrument starts a correction first I would draw a new target Fibonacci Retracement as initial take profit.
Fall: In the shorter term EUR/USD may fall until the new correction levels of the 1. 11309 – 1.14447 rise (11/05/2015 low - 14/05/2015 high). If the 61.8% retrace (1.12508) of the 1.11309 – 1.14447 rise (11/05/2015 low - 14/05/2015 high) breaks down the pair may continue falling. The initial expectation is for a possible test of the 1.114 level (11/05/2015 bottom) then the daily zone 1.097.
H1: Yesterday morning the price was pressed twice until 200% retrace of the bottom 11,412 and the top 11,573 but it failed to go downwards. The bottom of 07/05/2015 (11,228) caught DAX. The two wicks and the large-bodied engulfing was enough to explode the price upwards. The dynamics are weak in this time frame. So far DAX is looking for the direction.
Rise: After breaking the top of 13/05/2015 we may anticipate increase. To occur this, DAX has to break the main trend line and the daily zone 11,620. Take profit level is the next H4 level 11,765 then 11,920 and 12,000.
Fall: From this level DAX may turn down as the local tops are decreasing and as it is under the main trend line. Initial take profit level is the bottom of yesterday and the daily zone 11,300 then 161.8% and 200% retrace of 07/05/2015 bottom and 07/05/2015 top.
H1: Though the top of 13/05/2015 (11,573) has broken with small dynamics and without significance, the main trend line and the daily zone 11620 has caught the price. After a couple of hours stagnation it turned down. The daily level 11,400 has stopped the fall. Formation of the triangle is clearly visible in this time frame too.
Rise: If dax can start increasing from the level 11,400 our initial expectation is the resistance of the triangle. After breaking the top of 15/05/2015 (11,612) we may anticipate further increase. To occur this, DAX has to break the main trend line and the daily zone 11,620. Take profit level is the height of the triangle at 12,120 but the levels 11,765, 11,920, 12,000 and 12,075 can stop it.
Fall: If bears can push DAX down, our initial expectation is the support of the triangle which overlaps the bottom of 14/05/2015 and the daily zone 11,300. After breaking this level DAX may fall until the level 11,770.
H1: First DAX tested back the main trend line and the resistance of the triangle in the morning then it has bounced down. The hourly level at 11,400 has caught it then DAX turned up with an engulfing candle. First the price was pushed back from the resistance and a shooting star formed but later the main trend line and the resistance of the triangle were broken.
Rise: DAX may rise without any corrections. Initial target price is the next H4 zone at 11,765 then the further levels (11,920, 12,000 and 12,075) up to the height of the triangle (12,120).
Fall: If bears push back DAX into the triangle then our initial expectation is the support of the triangle which overlaps the bottom of 14/05/2015 and the daily zone at 11,300. After breaking these levels the next take profit level is the height of the triangle at 11,770.
H1: So far a near target price has been realized: the 161.8% and 200% retrace of the closes of 15/05/2015 top and bottom.
Rise: DAX can even continue rising without a correction. Initial target price is the next H4 zone at 11,920 then further levels (12,000 and 12,075) up to the height of the triangle (12,120). In case of a correction I would draw a new target Fibonacci Retracement. New take profit levels would be the 161.8% and 200% retraces.
Fall: From this level where DAX rests at the moment it may start to decrease which can touch the correction levels of 18/05/2015 bottom and 19/05/2015 top. The 50% retrace overlaps the daily level 11,620 and the 61.8% retrace is on the main trend line.
H1: Yesterday morning the dynamics started bearish but it lost its power quickly then it changed a bit bullish. The candle bodies became smaller. DAX rests between two technical levels (11,860 and 11,770).
Rise: If DAX continues rising without a correction then initial target price is the next H4 zone at 11,920 then further levels (12,000 and 12,075) up to the height of the triangle (12,120). In case of a correction I would draw a new target Fibonacci Retracement. New take profit levels would be the 161.8% and 200% retraces.
Fall: If the price starts a correction from this level where it rests at the moment it may decrease until the correction levels of 18/05/2015 bottom and 19/05/2015 top. The 50% retrace overlaps the daily level 11,620 and the 61.8% retrace is on the main trend line.
H1: In this time frame the local tops and bottoms are increasing so the trend is bullish. For the time being there was only a consolidation until the 23.6% retrace of 11,377-11,890 rise (18/05/2015 low and 21/05/2015 high).
Rise: If DAX continues rising without a correction then initial target price is the H4 zone at 12,000 but in the meantime the zone 11,920 can stop the rise. Further take profit level is the height of the triangle at 12,120. In case of a correction I would draw a new target Fibonacci Retracement. New take profit levels would be the 161.8% and 200% retraces.
Fall: If the price starts a correction from this level where it rests at the moment it may decrease until the correction levels of 18/05/2015 low and 20/05/2015 high (11,377-11,890). The 50% retrace overlaps the daily level 11,620.
H1: Like H4 the local tops and bottoms are increasing too so the trend is bullish. For the time being there was only a consolidation until the 23.6% retrace of 11,377-11,890 rise (18/05/2015 low and 21/05/2015 high).
Rise: If DAX continues rising without a correction then initial target price is the H4 zone at 12,000 but in the meantime the zone 11,920 can stop the rise. Further take profit level is the height of the triangle at 12,120. In case of a correction I would draw a new target Fibonacci Retracement. New take profit levels would be the 161.8% and 200% retraces.
Fall: If the price starts a correction from this level where it rests at the moment it may decrease until the correction levels of 18/05/2015 low and 20/05/2015 high (11,377-11,890). The 50% retrace overlaps the daily level 11,620.
H1: The instrument touched the 61.8% retrace of 11,377-11,925 rise (18/05/2015 low and 26/05/2015 high) which closely overlaps the daily zone 11,620. DAX fell with a powerful dynamic until this level.
Rise: The yesterday’s doji with long wick below and the reduced bearish dynamics may bring upwards movement. Initial target price is the 161.8% and 200% retraces of top of 21/05/2015 and bottom of 26/05/2015. 200% retrace nearly overlaps the height of the triangle at 12,120.
Fall: If the 61.8% retrace of 11,377-11,925 rise (18/05/2015 low and 26/05/2015 high) breaks with a large-bodied candle fall may continue until the daily zone 11,300 but this fall can be stopped by the H1 level 11,400 and by the main trend line.
H1: DAX had tested back the 61.8% retrace of 11,377-11,925 rise (18/05/2015 low and 26/05/2015 high) a few times yesterday before it started moving upwards. The daily zone at 11,770 stopped the rise.
Rise: I expect further rising on this instrument but the technical levels can stop this move. Initial target price is the 161.8% and 200% retraces of top of 21/05/2015 and bottom of 26/05/2015. 200% retrace nearly overlaps the height of the triangle at 12,120.
Fall: If DAX turns down from the daily level 11,770 then it breaks the daily zone 11,620 fall may continue until the daily zone 11,300 but this it can be stopped by the H1 level 11,400 and by the main trend line.
H1: DAX moves between two daily zones (11,700-11620). It could not break the level 11,770. It tested back the sub-trend line (white line) and it went back to the 61.8% retrace of 11,377-11,925 rise (18/05/2015 low and 26/05/2015 high). The local tops are decreasing but the bottoms are at the same level. Difference compared to the H4 is that bearish dynamics have increased.
Rise: Further rise is expected if DAX breaks the level 11,770. Initial target price is the 161.8% and 200% retraces of top of 27/05/2015 and bottom of 28/05/2015. Both target levels nearly overlap H4 zones.
Fall: If DAX turns down and it breaks the daily level 11,620 fall may continue until the daily zone 11,300 but this it can be stopped by the H1 level 11,400 and by the upward trend line.
H1: DAX broke the daily zone 11,620 with a large-bodied candle in the morning then it tested back this level with a large-bodied, bullish candle with a long wick above. Then it fell until the H1-H4 levels (11,430-11,435). This is a strong support because the main trend line and the 200% retrace of 11,609-11,781 rise (26/05/2015 bottom and 27/05/2015 top) are here too.
Rise: Local tops and bottoms are decreasing so I think of upward entries until the correction levels of 11,795-11397 fall (27/05/2015 high and 29/05/2015 low). If the 61.8% retrace breaks with a significant candle further rise may be expected.
Fall: If DAX falls without any corrections initial target price is the daily zone at 11,300 then 10,970. Breaking the main trend line may bring downward movement in the longer term. In case of a correction take profit may be the value of 161.8% on the Fibonacci Retracement which is drawn on the prospective correction.
H1: Direction is not obvious compared to H4. In this time frame local tops and bottoms are decreasing however, dynamics turned bullish. There is potential in both directions.
Rise: As local tops and bottoms are decreasing I think of upward entries until the correction levels of 11,795-11397 fall (27/05/2015 high and 29/05/2015 low). If the 61.8% retrace breaks with a significant candle further rise may be expected.
Fall: If DAX breaks H4 level of 11435 with a significant candle then initial target price is the daily level at 11300 then 10970. Breaking the main trend line may bring downward movement in the longer term.
H1: As there was a consolidation so I draw the Fibonacci Retracement from the high of 27/05/2015. The instrument started moving downwards with powerful dynamics. It broke the daily zone of 11300 but the next candle closed back this level then DAX moved in a range.
Rise: Local tops and bottoms are decreasing. I think of upward entries until the correction levels of 11,795-11268 fall (27/05/2015 high and 02/06/2015 low). If the 61.8% retrace breaks with a significant candle which level nearly overlaps the daily zone of 11620 further rise may be expected.
Fall: If DAX breaks the D1 level of 11435 with a significant candle then initial target price is the daily level at 10970. This fall may be stopped by H4 levels of 11170 and 11080.
H1: The instrument started to move with increasing dynamics upwards yesterday. It closed above the H4 level (11435) and the main trend line but it could not stay there. The next candle became a shooting star which went near the 50% retrace of 11,795-11268 fall (27/05/2015 high and 02/06/2015 low) but it closed on the 38.2% retrace. DAX bounced down with a large-bodied marubozu from here but it went flat bythe end of the day.
Rise: If bulls take control again they can push the instrument until the 61.8% retrace of 11,795-11268 fall (27/05/2015 high and 02/06/2015 low). If the 61.8% retrace breaks with a significant candle which level nearly overlaps the daily zone of 11620 further rise may be expected.
Fall: Fall may continue from this level. Initial target price is the daily level at 11300. If DAX breaks this D1 level with a significant candle then take profit level is the daily level at 10970. This fall may be stopped by H4 levels of 11170 and 11080.
H1: The daily level of 11300 was broken by a large-bodied candle yesterday then DAX came near the H4 level of 11170 with a wick. Here is the 161.8% retrace of 11285-11465 rise (02/06/2015 bottom and 03/06/2015 top) too. Later DAX did a correction and broke the 61.8% retrace of 11514-11185 fall (03/06/2015 high and 04/06/2015 low). It came close to the top of 03/06/2015 (11465) but it bounced down with a bearish candle with long wick above. It could only fall till the former bottom.
Rise: If the H1 support (11230) will be strong enough (where DAX rests at the moment) then it can continue rising. Target price is the next H4 level at 11435. After breaking this zone the instrument may rise till 11620.
Fall: If DAX breaks the H1 zone of 11230 with a significant candle then target price is the 200% retrace of 11285-11465 rise (02/06/2015 bottom and 03/06/2015 top) which closely overlaps the H4 level of 11080.
H1: DAX reached the take profit level of 161.8% retrace (02/06/2015 bottom and 03/06/2015 top). The instrument is quite confused. Sometimes candle dynamic is bearish then it turns bullish.
Rise: For now DAX increased till the 38.2% retrace of 11450 and 11152 fall (04/06/2015 high and 05/06/2015 low). It may continue rising till 50% and 61.8% retrace levels. If the instrument breaks the 61.8% retrace it may rise till 11450.
Fall: After breaking the H4 zone of 11170, 200% retrace may be easily realized then it may continue falling till the daily zone of 10970.
H1: Bearish movement has been characterizing DAX since 21/05/2015. At the moment the price rests above the daily zone of 10970. There is a possibility for further falling.
Rise: I expect rising till the correction levels of 11450-10992 fall. All of these levels are found on technical zones so any of them can attract DAX.
Fall: If DAX continues falling without a correction so initial target price is the next daily zone at 10830. On the other hand, if the instrument corrects I draw a new Fibonacci Retracement from the bottom of 08/06/2015. In this case take profit levels will be 161.8% and 200% retrace.
