$dax #dax

Price made it in to the high 9700's as hoped and as discussed I have been fading short into this.

On the monthly chart, price has made it back to the pink dashed line with the stochs & rsi only showing one wave down from the top; I am counting this as the 'a' wave with the retracement up being the 'b' wave until proven otherwise. On the bullish side, MyWave is clearly blue and the white lead line is still pulling from above, but is actually flat at present. However, the distance between this white lead line and the light green line (Senkou A) and the orange 200sma, which sit together at the bottom of the gold volatility range, and the price movement towards the lower perimeter of the 2 year channels (light blue), have me leaning towards a leg lower, even if only to test the 8902 low.

This same pink dashed line is shown on the weekly chart, where MyWave is red - that is the weekly trend continues to be bearish in my study. The 8902 low was only the 23.8% retracement of the move up from 4962 and although the light green Senkou A was tested, the weekly 200sma was not and sits lower at 7650 nearer the 50% retracement zone. The rsi is still negative and the white lead line is facing up but only into MyWave. A rejection at this pink line could be a useful place to short, although a breach would move me long again if the short term cycles could soften a bit. For me, there is nothing on this weekly chart that is screaming don't try, so I am looking to short, if given the chance.

On the daily chart, MyWave is still bullish inside a bullish channel and the 200day sma was cleared without hesitation. However, that stoch study is not making me too keen on over committing to the upside, nor the placement of price within the volatility range. The 76.4% retracement line of the move from the top did not hold on Friday and certainly did not reject, so maybe more ferretting higher, but all in all, I want to to go long lower and any turn lower would be in line with the weekly trend (see above) and a possible rejection of the pink dashed line.

The 4hr MyWave and channel is still bullish too, but the stochs again warn of being long and I'll take any weakness to be a possible fall in the weekly chart, just in case it is! The rise from 8902 has its own pink dashed line fractal which is being tested to the underside and a test of the channel line from where it broke out, could see 9300, retest Senkou A, and the lower parts of the volatility range too. I'll not hesitate to go long if the stochs can get oversold into that zone but not up here. There is ongoing negative divergence on the rsi at this 4hr level, so all in all, I'll stay with the short side approach for now.