DAX holds below 12920 highs registered in June 2020

13 июл. 2020 г.

DAX structure remains bearish until it remains below 13800 in the long run. Further, the indice had carved a potential lower top around 12920 in June 2020. Potential higher degree Wave Counts suggest DAX might have carved Waves (1) and (2) around 8200 and 12920 respectively. If the above is correct, the indice should stay below 12920 mark and resume lower in the next few months as Wave (3) progresses. A short term target is seen towards 10700 levels and a break through 10500 will confirm that a meaningful top is in place. A remote possibility remains for a push above 12920, which will keep the overall bearish structure intact. Overall, we still favor a bearish structure until prices stay below 13800.

Remain short, stop @ 13800 target @ 10500 and further.

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