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Wednesday, 24 September 2014

Dax Futures Daily


General Overview for 24/09/2014:
On Daily time frame we can see the price has made a very deep retracement to 88.6%Fibo  in shape of a Triple Zig-Zag pattern wave (ii). We can see as well the Key Support and Resistance levels: only a valid breakout below one of this levels would indicate that our anticipations are confirmed: breakout below support at the level of 8899 means long term top is confirmed, and breakout above the resistance at the level of 10056 means the alternate count is in play and uptrend will continue. Trend change confirmation comes with the level of 8899 breakout.



Support/Resistance:
10056 - Key Resistance
9898 - 88%Fibo
9530 - Support
9367 - Support
9037 - Support
8899 - Key Support

Trading recommendaions:
There is still some degree of uncertainty regarding the corrective cycle completion, but any sell orders should have the SL above the level of 9898. Trend change confirmation comes with the level of 8899 breakout.





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