Dax weekly recap and outlook

May 9, 2015

Recap:

• 5th Wave is finished
  
• possible abc retracment in place with low on 20ema weekly and 61.8% fibonacci (not shown in chart)
  
• bullflag on weekly
  
• small buy divergence on macd
  
• macd fastline about to cross zero line
  
• macd slow line turning up
  
• adx falling near 15
  
• bullish reversal candle on weekly
  

Outlook:

• break above bullflag should lead price to high volume node resistance
  
• a break above b could be a confirmation of abc pattern and lead to new highs or at least a test of the last high
  
• rejection from bullflag should lead to a test of the last low
  
• a break below last low should lead to the retracement area of wave 1 & 2 wich is around 50% fibonnacci