By Claus Andersen
22. January 2020
15 min chart:
Price broke up and made a all time high in the DAX / GER30 this week. That was a important target to reach. So far the market found sellers above and sold off by 150 points in one day. The price action going up was a bull channel. We had an overshot of the channel line. That is often followed by a break of the trendline. That is what I will be watching in the coming days. Targets to the downside is 13.400 area or potentially 13.100 area. Could also be a larger spike and bull channel forming. If that happens I will let you know.
Measured moves are a good way to find targets. In this chart I drew in some of the measured moves aka harmonic moves. Just to let you get a notion of the applicability.
Support and resistance was adjusted in the latest YouTube video:
Let’s level up together 📈
Claus Andersen
AIL = Always In Long
BO = Breakout
FBO = Failed Breakout
PB = Pull Back
