DAX30 Triangle Pattern – Bullish Sequence

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DAX30 has been trading within a Complex Corrective Structure ever since it got hit hard back in the beginning of February.

With the FOMC not signaling more than three Rate Hikes this year and with Jerome Powell’s dovish stance, US Indices could get a somewhat revival period, with investors possibly returning their focus on stocks.

DAX30 – Corrective Structure & Patterns

Minor W (purple):

  • Leading Diagonal in Minute A (blue)
  • Zig-Zag in Minute B (blue)
  • Ending Diagonal in Minute C (blue)

Minor X (purple):

  • False Break-Out due to invalid Impulse Sequence (three waves look)

Minor Y (purple):

  • Leading Diagonal in Minute A (blue)
  • Triangle in Minute B (blue)

DAX30 – 2H Chart:

DAX30 Triangle Pattern 1

Triangle Note:

Should the current wave count be correct, a swing below 12100.00 would invalidate the bullish outlook for minute C (blue).

  • Minuette (e) (pink) cannot move beyond the start of minuette (a) because it would invalidate the triangle sequence.

Fibonacci measurements:

  • 150-161.8% fibonacci extensions of minors W & X (purple)
  • 100% fibonacci extensions of minutes A & B (blue)
  • 50-61.8% fibonacci retracements of intermediate (A) (turquoise)

Levels in Focus:

  • Bullish Levels: 12150.00
  • Bearish Levels: 12650.00 / 12850.00

*The present analysis is to be treated as simple market commentary and not as an investment advice or as a solicitation to trade. Please be aware of the real risk involved by trading financial instruments.

Many pips ahead,

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Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.

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Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.

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