By Claus Andersen
- Dec. 2018
15 min chart:
DAX is still in the bear trend. The context is still trending trading range. Since christmas price bounced strongly to the upside. It is unexpected that price would bounce that much. When ever price makes a move that is unexpected one needs to take notice. Price made a double bottom and a really strong leg up. That strong a leg is likely to get a second leg. The second leg was also strong. If price makes a third push up, then the context is likely to change. Perhaps into a trading range or a major trend reversal. I am going to trade the bull side until a reversal pattern forms. It is easy to see the higher highs and lows on the resent bull move.
On the chart is my most recent adjusted support and resistance lines.
Happy new year to all fellow traders. Thanks for all the support from you guys this year. I will do my best to create valuable content next year.
Have a nice trading year.