In my last update I already told you that something very significant had happened. It was a precision hit of the two most watched trendlines in the DAX uptrend since February 2016.
I told you that it was so significant, that:
It could just have ended the downtrend. This is why I will only short the DAX again, if there is a new low. But I don't really think there will be a new low right now...
And look at it right now. It did end the downtrend immediately. Now is explosion time in the DAX.
Don't get me wrong here, there will likely be a correction soon, but after this correction I will buy the biggest long position I ever bought in this index. My target, which I think will be hit before the end of February, is 14500.
Here are the updated pictures of my last post:
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Now try to tell me that chart pattern recognition is bs. Try it, I will call you crazy.
And for your entertainment, here we have the channel breakout:
Finally, here is a little extra goodie supporting my theory:
Some analysts call it a bulltime window...
I'll keep you updated... Stay tuned...
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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MUST READ!
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
Does anyone know why blocktrade disabled the steem service ?
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yes, go to @blocktrades. They made a post about it
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I like your market analysis. Hopefully, the trendlines may higher than predicted.
I need to do something about this before it becomes too late for me. A follow up would do much good. Thank you for sharing.
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Hi..@ew-and-patterns thanks for super info and i wish you success this challenge much appreciate to your way of writting
Happy steeming
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Useful and informative post thank you dear friend
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I'm curious about the DAX performance this year. Also the economic data show in the right direction. Could be another good year for the index. Also the DOW hat an untypically strong start this year..
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I am not so sure about it. I think this will be the top for this year. Expecting a hard drop after that for the rest of the year.
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wow ///////////////
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