Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Tuesday, 26 August 2014

Dax - approaching 127% extension

I picked up this morning's long off the pull back but now looking to position short into the 127% extension. The daily chart is still showing a bearish wave and this drive up from the low is looking overbought and vulnerable to a reset. Assuming the move up is 'a' of the retracement, 'b' back to approx. 9100 would be a realistic goal. There is negative divergence on the hourly stocks and rsi, so as I say, looking for shorts, whilst the daily 20sma is red, albeit the hourly wave is still bullish.
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