DAX: Short term buy opportunity.

DAX is rebounding after a -4.60% decline that turned the 1D timeframe bearish (RSI = 42.197, MACD = -69.700, ADX = 37.228). Even though that decline hit the bottom of the long term Channel Up, we focus more on the short term where after similar declines in the past two months (both -4.30%), the price rebounded to at leastthe 0.618 Fibonacci level.

Consequently we go short and target the 0.618 Fibonacci (TP = 15,930) which can connect with the 4H MA200 as well.

Prior idea:


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