Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

DAX falling inside intermediate impulse wave (3)

By: Dmitriy Chernovolov

  • DAX falling inside intermediate impulse wave (3)
  • Next sell target - 9500.00

DAX continues to fall inside the 3rd intermediate impulse wave (3) – which started earlier – when the index reversed down from the resistance zone lying between the resistance level 10400.00, upper daily Bollinger Band, 61.8% Fibonacci correction of the previous sharp downward impulse wave (1) from November and the upper resistance trendline of the daily up channel from February.

The index is currently trading near the support trendline of the aforementioned up channel. If the price breaks this support trendline – DAX can then fall to the next sell target at the support level 9500.00 (low of the previous wave B).


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