By Claus Andersen
Much happened last week and going into this week. The DAX (GER30) was sold from the new all time high. On the 15 min candlestick chart the price action is always in short. I almost can’t wait to see if the DAX makes another bear leg down. If it is a harmonic move from the midline of the trading range price could go all the way down to 13.000 or lower.
Price is trading almost the same place now as it opened on Monday. That leads me to believe we are in a trading range. Perhaps trending trading ranges. The dotted midline being a new high of the lower trading range. And the pivot low on Monday being the low of the range. A 100% expansion of that range to the downside would take price to 13.000.
Support and resistance was adjusted in the latest YouTube video:
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AIL = Always In Long
BO = Breakout
FBO = Failed Breakout
PB = Pu