DAX – follow up
I wrote recently about DAX here. Situation is interesting because on longer time frames we can see possible end of correction.
Now we have another confirmation – price closed above resistance line. It is also above Ichimoku cloud (last time it was above cloud in August 2015). We can also see a large ABC pattern:
Take a notice that MACD (21,33,12) is about to cross 0 line. So another bullish signal.
Of course this current weekly candle is still forming.
On daily chart we can see that DAX is right below monthly R1 line:
If DAX manage to break above, we can see move to the R2 line and maybe B point? For now it is good to be aware about this action on weekly timeframe.