German DAX At Record Highs !!
The German DAX is hitting All Time Highs as it breaks above the April 2015 high
and probing above the Yearly R1. A Weekly close above the two mentioned levels
will be bullish and we are looking at Yearly R2 at 13325 for next level resistance.
This is slightly above the 161,8 D-extension of the long term ABCD pattern.
Above Yearly R2, the 3rd Quatile of the fork, green line, may pause upward action.
Still it is in early days, wether the breakout will hold, or if we are seeing a false
breakout. A weekly close below Yearly R1 will be a good sign for weakness and
possible start of profittaking (fear). Still, the underlying fundamentals are looking
good for a continuation, not to mention the general trend as it stands on the chart.
and probing above the Yearly R1. A Weekly close above the two mentioned levels
will be bullish and we are looking at Yearly R2 at 13325 for next level resistance.
This is slightly above the 161,8 D-extension of the long term ABCD pattern.
Above Yearly R2, the 3rd Quatile of the fork, green line, may pause upward action.
Still it is in early days, wether the breakout will hold, or if we are seeing a false
breakout. A weekly close below Yearly R1 will be a good sign for weakness and
possible start of profittaking (fear). Still, the underlying fundamentals are looking
good for a continuation, not to mention the general trend as it stands on the chart.