GER30 - Possible Wave 5 Commencement
The GER30 has sat on the 38% retracement of Wave III for 2.5 days now.
Possibly signalling that the Wave IV correction is over and today's gap close and continuing rally is Wave 1 of Wave V.
- 11400 is acting as support
- RSI(14) is picking up momentum
- MACDs are also signalling a change in trend
I will wait for Wave 2 of Wave V to retrace 61.8% of Wave 1 to enter Long, with stops under the recent lows.
(Wave V = Wave I) therefore the target price is 11850 a test of the highs from May 19th - 26th.
Although it would not surprise me if we hold here for longer whilst the Grexit is on the cards.
Possibly signalling that the Wave IV correction is over and today's gap close and continuing rally is Wave 1 of Wave V.
- 11400 is acting as support
- RSI(14) is picking up momentum
- MACDs are also signalling a change in trend
I will wait for Wave 2 of Wave V to retrace 61.8% of Wave 1 to enter Long, with stops under the recent lows.
(Wave V = Wave I) therefore the target price is 11850 a test of the highs from May 19th - 26th.
Although it would not surprise me if we hold here for longer whilst the Grexit is on the cards.