#dax $dax Weekend Review

Struggling with a cold today, so will keep this short and sweet.

Weekly Chart

The brown dashed regression line broke during the week, continuing to suggest that the top is in (Wave 3?) and that we are in 'c' down now. The extensions are laid out below, but would expect that regression line to be retested above, sooner rather than later, after Thursday's push.







Daily Chart

The daily chart continues to highlight the oversold stochastics and with the 2013's low at 9600, not having a Kiss Goodbye as of yet, I will be looking to sell nearer there, than here! Having said that, the 25% grid line of 2013's high to low, sits at 9055 below but has already had that test in August. I prefer up before down, but will stay with up, if it is stronger than a correction suggest it should be.




8hr Chart

I had suggested at Thursday's close that the positive divergence on the 8hr chart should at least usher in a bounce and for now, that seems justified. I have drawn out a 'b' wave 61% retracement into the MA cross over on this chart, which sits in the 9600 area as suggested in the daily chart. There is a high level of symmetry with this move from the weekly down to the 8hr - Perhaps too much? Too neat? We shall see. The RSi's in all 3 charts today are in the red and with that 8hr MA cross, only price action that holds a break above 9600 is worth considering a bullish scenario for me and probably a break above the pink dashed line. Generally, I'll be looking for longs next week whilst that daily stochastic sits so extended in the 2nd chart.