DAX end of the bullish cycle
Updated
OPINION, NOT FINANCIAL ADVICE.
Long term trend exhaustion, 2nd impulse reached 100% of the 1st, with big weekly divergences on the weekly RSI. There is also a big rising wedge
On the Elliott wave counts, does not look like a new bull market to me, but an overextension of the C wave in a correction from the 2022 lows, with a terminal wave 5 pattern.
If this was to be confirmed, we could be seeing a huge impulse downwards looking for the 2022 lows again #dax #ger40
Long term trend exhaustion, 2nd impulse reached 100% of the 1st, with big weekly divergences on the weekly RSI. There is also a big rising wedge
On the Elliott wave counts, does not look like a new bull market to me, but an overextension of the C wave in a correction from the 2022 lows, with a terminal wave 5 pattern.
If this was to be confirmed, we could be seeing a huge impulse downwards looking for the 2022 lows again #dax #ger40
Trade active
loosing bullish momentum, RSI trend line finally breaking to the downside,Note
Trend line broken to the downside.Note
On the daily chart: breaking through the Ichimoku cloud, which is tipically a bearish signal. Has rebounded on the 100 SMA, still not masivelly oversold.Note
broke the rising patterns to the downside, nearing the 18k level as of writing. If 18k is lost, downward action should happen, fast
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