Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Wednesday, November 9, 2011

DAX Technical Analysis 2011.11.09

DAX is breaking a key trend line!

In Monday analysis of DAX I pointed out the corrective outlook of the september-octomber up move and the beginning of wave 3 (down) in 27 of octomber.

I also mentioned that the break of the lower border of the channel (T1) will provide confirmation of the scenario. This is very likely to happen today, as the price is currently below T1 and the last days showed bullish weakness.

As wave 3 (blue) will develop, I am looking for wave [iii] to end in the 5,000 area, followed by a kind of broad consolidation forming wave [iv] and finishing with wave [v], well below the mid-september lows. However, this is subject of interpretation and the chart should be re-analysed according to the price action.

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