DAX - Potential longs from 11155, targeting 11650.
From the previous analysis, the wedge pattern has become completely invalidate. Replacing the wedge with the price channel gives a better perspective now.
1. Price is currently above the support/resistance level at 11250 as the leg up came on a modest higher low in RSi divergence.
2. While it is tempting to go long targeting 11650, waiting for another dip (for RSI to make a new higher low) will be a better option to go long on the DAX.
3. Point 2 *could be* validated if DAX retest the minor trend line break out level (and hopefully confirms with a higher low in RSI)
Ignoring previous pending short levels and instead focusing on longs targeting 11650
1. Price is currently above the support/resistance level at 11250 as the leg up came on a modest higher low in RSi divergence.
2. While it is tempting to go long targeting 11650, waiting for another dip (for RSI to make a new higher low) will be a better option to go long on the DAX.
3. Point 2 *could be* validated if DAX retest the minor trend line break out level (and hopefully confirms with a higher low in RSI)
Ignoring previous pending short levels and instead focusing on longs targeting 11650
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