again,... my last TA I did quite long time ago, but today the markets might have printed an important candle. Additional we see the DAX at an important pivot, and we saw that it ' s rejected here ( R3-pivot on the 1-day chart).
The problem is, markets are not anymore what they were in the past. Corona forced the central banks to put massive amounts of money in the markets. This money made it possible, that we saw an impressive V - recovery on all indices. But is this recovery fundamentally based? I say NO. Millions of jobless people, automotive industry is down, Flight industry as well and and and. And of course, the danger of an incomming massive inflation due to all the free central banks money.
Ok, back to the technicals. It is just an idea and due to the actual crazy market situation, it could completly fail.
But, what do we technically see.?
1. a textbook bearish engulfing on the 1- day chart 2. a clear rejection on the R3- pivot 3. SQ - Mom indicator printed a first bearish bar 4. A Head & Shoulder - formation could be in progress
If this H & S should play out , we might see a target under the March- lows. The target would be near the Pivot Support 2 of April.
Lets see what will happen the comming days. Important is to set a very tight stop - loss, due to the above described crazy market conditions.
As always, just an educational idea, Trade on your own risk and trade safe.
Yours Sascha
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This H & S did not play out. So much money and blind buying in the markets, but I still believe we will see a crash of all indices in the near future.
Did a quick TA few minutes ago, again an H & S pattern idea, but short term.
All the best to my Followers, Friends and Traders outside.
Your level at 10k seems about right in line with SPX 2400 level, fall should match pretty closely. That is most likely level for SPX to fall to in June.
I just checked and DAX doesn't seem to have it but SPX in giant H&S pattern with March high as the head haha.
Your level at 10k seems about right in line with SPX 2400 level, fall should match pretty closely. That is most likely level for SPX to fall to in June.
I just checked and DAX doesn't seem to have it but SPX in giant H&S pattern with March high as the head haha.