German stock index DAX 30 is respecting two 50% Fibonacci levels in a row. Price is expected to bounce and retest the bottom.
Dear traders, the German stock index DAX 30 is respecting two 50% Fibonacci levels in a row. Price is expected to bounce and retest the bottom.
Weekly chart
The DAX index bounced at the 50% Fibonacci support zone, which completed a potential wave A (light purple). The bullish bounce is now approaching the 50% Fibonacci resistance of wave B vs A. This in turn could be a bouncing spot as part of an ABC (pink) zigzag correction within the larger wave B (light purple).
Good trading,
Chris Svorcik
The analysis has been done with the help of SWAT method (simple wave analysis and trading)
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