1000 Points down?
This morning we see a down gap under his former Low @ 10.814. At this Level the market reached it s desicion Level!
The EMA/SMA 200 are the central supports/resists to watch.
The next weak Support could be the former LOW @ 10.600-10.650.
Below that Level i exspect a fast sellout which can reach till the region round about 9.850 Points! That means that the market reenters its extended flagbody. Because of the cyclic a new downwave to ist bottom edge is thinkable. This Level also is corresponding to the old Breakout Level (neckline) from 15.01.2015
Only sustainable Prices above the EMA/SMA 200 will turn the Chart again At this Point Dax reenters the uptrend and my autumn Rally can be aimed :-)
Technical Overview and Update
The market is very oversold. Have a look at the RSI- intraday he tries to make a reversal in the buying Zone. The market started in the early tradinsession with a downgap at 10.107 Points. At the Moment the market is trading round about 250 Points higher. Do we see a nice shakeout-reverse-candle?
The ultrashortterm downtrend since 11.08.2015 is the Level to watch. As Long as the market is trading in this trend, the shakeout will go on.
Will the Dax break this ultrashortterm trend (Grey arrow), the first target could be the breakoutlevel @10.650 (38,2 fibo-retracement = Minimum correction Level) This seems to be a massive . From this Level, the market could start the next downwave.
Only Prices above this Level @ 10.650 open the possibility to make a new cyclical high , target would be the trendchannels upper edge @ 11.375. On ist way to this very ambitious target the next appears @ 11.000 (former small breakoutlevel)
Prices below the longterm sh-neckline/ATH-Breakoutlevel @ 9800-10.000 the Crash or sellout enters the next Phase.(exxageration Phase)
And here is the CRASH!!!
Weak - weaker -DAX! These days we see a selloff! Now we have reached the flagbodys bottom which is based near the 61,8 fibo retracement (8338-12388).
The market is massive oversold, i exspect a rebound from this level @ 10.000.
Dax Crash! Crazy Fundamentals out there
This morning we see a heavy selloff in the early trading hours. We reached a new low @ 10.109 Points.(-3,12%)
Responsible for that selloff are unexspected weak chinese economic data and the weak us-market-close. Furthermore the resign of the greek premier and the idea of new elections increased fear and insecurity again. The chinese industry dissapoints again: The Caixin-PMI für the manufacturing Industrie collapsed in August to 47,1 Points.(48,1e). Shanghai Composite closed -3,8%. Asian currencies are under pressure again and increase fear und unsecurity of an ASIA-crisis again.