Did not use log charts before, but pros like them. Let`s have a look why.
Plotted couple resistance lines and channel going through lows 2003/2009 and found crossover what looks like super multiple resistance around 10k. At point where they are meeting ascending red resistance line from 2012 high, took ATH place.
So far resistance worked well. But DAX has turned violent upwards after ema break and retest and broke up 9450 unlike in tops 2000/2007, ema is still advancing. There is another resistance line - 38.2 fib parallel line above (light blue line around 10080). Will they all hold? Or ATH 10053? Anything above 10150 could unlock the DAX and send it a lot higher.
Check also the pink intra lines, one pro trader on this forum, www.tradingview.com/u/yacine.kanoun/ has introduced them to me.
However, little pullback is needed, 9800 most likely, maximum up to 9350/9150 area (ema support). This pullback should also set low for tighter support line from 8351 low. If ema holds (like in 1999), then target would be pink/red cross at 11k and overshot beyond.
Plotted couple resistance lines and channel going through lows 2003/2009 and found crossover what looks like super multiple resistance around 10k. At point where they are meeting ascending red resistance line from 2012 high, took ATH place.
So far resistance worked well. But DAX has turned violent upwards after ema break and retest and broke up 9450 unlike in tops 2000/2007, ema is still advancing. There is another resistance line - 38.2 fib parallel line above (light blue line around 10080). Will they all hold? Or ATH 10053? Anything above 10150 could unlock the DAX and send it a lot higher.
Check also the pink intra lines, one pro trader on this forum, www.tradingview.com/u/yacine.kanoun/ has introduced them to me.
However, little pullback is needed, 9800 most likely, maximum up to 9350/9150 area (ema support). This pullback should also set low for tighter support line from 8351 low. If ema holds (like in 1999), then target would be pink/red cross at 11k and overshot beyond.
