2025-01-23 - priceactiontds - daily update - dax

Good Evening and I hope you are well.

comment: Bull channel continues and we are at the top again. At this point it’s possible this spikes above the channel to print 22k. Wild to live through this tbh. 21700 likely next, bears need something below 21500 and then 21380. It’s beyond climactic and overbought.

current market cycle: bull trend - blow-off top

key levels: 21200 - 21700

bull case: Bulls are in full control. No one know’s where it stops. Look for longs. Nothing new to report. Channel is holding and we are just moving higher without much resistance. Nothing changed. Again.

Invalidation is below 21300.

bear case: Bears need to start closing the gaps. This also has not changed. The bullish channel lives and until we break out of it, there isn’t much to analyse. All of my bullish targets are met and this looks just like the climactic end but who know’s where it will stop… Bears have nothing to think about here. Way too early for any short.

Invalidation is above 21700.

short term: Bullish until bears do more. Trade the channel.

medium-long term from 2024-01-23: Market hit 21600 and now it’s about being patient until we sell-off again. I won’t be picking tops again. I just wait now.

current swing trade: None.

trade of the day: Buying near the 1h 20ema as mentioned the last couple of days.