DAX: One last bullish leg towards 13,000.

DAX has been very bullish throughout October rising from the near 11,800 low to a 12,800 high today which is in fact a peak for 2019. This is all within the Channel Up pattern on 1W (RSI = 59.041, MACD = 182.700, Highs/Lows = 304.9427) that has been in effect since February.

As you see the two dominant bullish legs are very similar, the one from February to May and August to today: Phase 1 (circle) is a volatile Higher Low, then phase 2 (blue rotated rectangle) the first major pull back and lastly phase 3 (green rectangle) the last minor pull back before the Higher High.

Assuming that the rise on the current bullish leg will be symmetrical (+14.60%) then we have calculated the final Target Zone within 12,950 - 13,080. Long term traders though may wait for a safer larger pull back around 12,100 before buying, again as it happened in May.





** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.