I wanted to give a quick DAX update today, because any correction target above 12890 equals new alltime-highs in the DAX. It is that simple sometimes.

The correction could actually be done already, but I am still expecting a second leg down for now.

But I would not be shocked also, if I saw lots of bullpower in the coming days, because I see a bullish pattern called "three rising lows" in the 1 hour chart... This could indicate a trend reversal.

I will make the next update when there is a trend reversal or the 78% retracement 12890 is breached.

If I see the expected trend reversal, I will buy a big long position in the DAX.

You can read my last DAX update here again if you want:

https://steemit.com/dax/@ew-and-patterns/dax-update-05-01-17

I know many of you are waiting for BTC, SBD and STEEM updates, but right now is the calm before the storm. Nothing is happening yet, so there is no need for an update. I will post my next updates when the calm finally wears off and a decisive move is visible. In the meantime I am accumulating as much SBD as I can ;-)

If you think this to be useful information:


Feel free to use and share my charts, but please mention me, Hive account@ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.

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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.

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Have a nice day :-)