DEU40
dropped almost 700 points in one week, which is very sharp and impulsive decline. As we can see, decline was in five waves, which confirms trend reversals. So, we expect much lower prices and deeper pullback after minor three waves (A)-(B)-(C) correction. Currently trading in final wave (C), where upside can be limited around projected resistance 13200-13270 levels and between 50% - 61,8% Fibonacci retracement.
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DAX in a resistanace zone now. We are expecting a decline soon.
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Perfect bounce from resistance zone!! Wave C/3 in progress now towards minimum 12500 level!
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Dax is forming more complex correction into wave 2/B. It wants to see 61,8% Fibonacci retracement around 13270 level before turn lower.
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DAX on the move! More weakness in view towards 12500 next week!