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Monday, 21 September 2015

DAX H4









General overview for 21/09/2015:

The impulsive wave progression to the downside still hasn't completed yet as the market is currently making another leg down for wave (iii) purple. The target is below the wave iii low at the level of 9310, with first target projection at the level of 9145. Please notice that any breakout above the 10527 level is bullish and any breakout above the invalidation line at the level 11050 invalidates the impulsive wave progression to the downside.

Support/Resistance:
9145 - WS3
9310 - Local Low
9523 - WS2
9666 - WS1
10000 - Weekly Pivot
10148 - WR1
10480 - WR2
10527 - Technical Resistance
10668 - WR3
11050 - Invalidation Level

Trading recommendations:
There is still at least one more wave to the downside missing so sell orders are advised with SL above the 10530 level.

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