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).

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Tuesday, November 15, 2011

DAX Technical Analysis 2011.11.15

More and more signs of a break-down...


The technical perspective of DAX Index keeps the short side appearance as the T1 trend line was breached in the past couple of sessions.

The Elliott Wave count of the past analysis (http://markettechnicalview.blogspot.com/2011/11/dax-technical-analysis-20111109.html ) slightly modified as I noticed that wave [ii] turned into a running flat (see arguments above the second chart). The analysis of the price action between the end of wave [i] and the presumable end of wave [ii] reveals a correction of the most significant trend (down trend) even if there are lower lows and lower highs.

The target of the eventual down move, representing wave [iii], should be in the 5,000 area.



The 30 min chart shows a detailed look of the current consolidation area representing wave [ii]. The internal structure of a flat correction is 3-3-5, which means that each of the three waves composing wave [ii] is formed of 3,3 and respectively 5 sub-waves (as shown in the chart below).  





Posted by Adrian Filip at 12:16 PM
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