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German DAX Stock Market Index Expected To Go Lower

Stock-Markets / Germany Oct 13, 2015 - 08:35 PM GMT

By: Gregor_Horvat

Stock-Markets

German DAX fell sharply down this summer so we see price in big wave IV) pullback which could reach much lower levels by the end of the year, but after wave (B) rally is complete which seems to be underway now to higher levels. Ideally price will hit 10800 before downtrend will continue into wave (C).


DAX Daily Chart

On the 4h chart, German Dax has turned higher as expected last week, after the market completed a five wave decline in wave (A) a week before. We know that after every five waves market will make a retracement in three legs. Well, notice that index already made three waves up from the low so we must be aware of a new bearish leg to the downside. Ideally market will find a top in the next few days, at current 10200 zone, but top can be confirmed only if price goes beneath 9907 bearish level.

DAX 4-Hour Chart

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He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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