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Tuesday, 9 July 2013

DAX30 Futures H1 Update

General Overview:
Complex corrective pattern continues to develop and current missing wave is a part of wave B cycle to the upside.
Gap still has not been filled and there is a vast amount of SL orders just above 8130 level so if triggered , market will surly go higher to 8287 area. This might be first target for wave Y of wave B.

This scenario is valid as ling as the red trend line holds and there is no new low below 7659.

Please notice interesting market geometry level @ 8115.

Support/Resistance:

7659 - Swing Low
7713 - WS1
7721 - 7761 - Trend Line Support
7875 - Weekly Pivot
7971 - 50%Fibo
8020 - WR1
8115 - W=Y and (a) =(b) geometry
8150 - 78%Fibo/Key Area to the futher upside

Trade Recommendation:
Buy as long as red trend line holds in anticipation that price will cover the GAP.

Seb

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