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DAX Is Bullish again, But More Gains After A Short-Term Pullback

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Nov 17 2020


DAX made nice and impulsive bounce from projected support after we noticed a three-wave A-B-C corrective decline, so it's turning back to a bullish mode, mainly because of recent break above trendline.

However, watch out for a temporary short-term pullback to fill that open GAP, which can actually retest that daily trendline with potential support around 12300 level. In fact, if current 13300/13400 zone will also hold as a resistance, then we may see a potential inverted H&S pattern, where right shoulder is still missing.

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