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 rising inside C-wave

  • DAX rising inside C-wave
  • Next buy target - 10480.00

DAX has been rising steadily in the last few trading sessions inside the C-wave of the intermediate ABC correction (2) from the start of May. The active C-wave earlier broke through the resistance level 10100.00 (upper boundary of the narrow price range inside which the pair has been trading from the start of this month, as can be seen from the daily DAX chart below). The breakout of this price range intensified the bullish pressure on this index.

DAX is likely to rise further in the active waves C and (2) toward the next buy target at the resistance level 10480.00 (forecast price for the termination of wave C and the top of the previous primary ABC correction ②).

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