On the German DAX index, we may observe a potential simple ABC correction. Wave C has stopped near a potential resistance set by a bearish gap. Also, the recent upward movement does not seem so strong to reach the upper limit in the main upward channel.
What is more, the wave C is almost equal to 61,8 of wave A. If the line drawn through the bottoms is broken we could expect another sell-off with the target at 61,8 Fibo expansion of previous downward wave.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, the wave C is almost equal to 61,8 of wave A. If the line drawn through the bottoms is broken we could expect another sell-off with the target at 61,8 Fibo expansion of previous downward wave.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
