The DAX30 index is moving in a descending wedge, which is a bearish formation. We can see that the market respects the formation, in which an overshoot of the upper trendline resulteted in an overshoot in the ABCD move (Which then hit the support line). We have a major ABCD move going in bearish direction down to 8350 and combined with the formation, it would be fair to guess we should be going down.
We therefore have 3. scenarios.
1) We rally up to the 10400 area, before sellers slams the price down through 9300 and all the way to 8350.
2) Buyers rally the market up over the upper trendline, where a likely pullback will occur shortly afterwards, which will, it held, result in a bullish market.
3) We bounce some more inside the formation before 1 or 2 happens.
We therefore have 3. scenarios.
1) We rally up to the 10400 area, before sellers slams the price down through 9300 and all the way to 8350.
2) Buyers rally the market up over the upper trendline, where a likely pullback will occur shortly afterwards, which will, it held, result in a bullish market.
3) We bounce some more inside the formation before 1 or 2 happens.
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