I am keeping my eye on either a flat or triangle formation on the hourly chart, but looking to short strength as time moves the bars right, unless there is a breakout.
Wednesday, 15 October 2014
#dax $dax
Early start from a very dark Malvern office window this morning. I hope everyone is well. Interesting Twitter statistic care of 'adatheton' work using Tweet Binder, has me ranked at number 12 contributor on the Dax. Just interesting is all.
Anyhow, I have simplified the EW count on the 4hr chart to provide room for the move down to the 123.6% extension of blue A-B. This price action lately has a decidedly 'wave 4' feel or at least corrective, but may drag on given the positioning in the regression channel from 9892. Yesterday was an inside day, so coiling going on regardless.
I am keeping my eye on either a flat or triangle formation on the hourly chart, but looking to short strength as time moves the bars right, unless there is a breakout.
Given this price action of late has been the response to the neckline break on the daily chart, it is key not to be trapped on the wrong side when this phase is over! So, down to 8500 zone and then back over the line would be how I am seeing things, but only if that is what the market wants to do.
I am keeping my eye on either a flat or triangle formation on the hourly chart, but looking to short strength as time moves the bars right, unless there is a breakout.
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