Dax: Massive monthly downtrend
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I had posted bullish setups in the past, which got invalidated.
At the time, I didn't expect such a massive sell signal to emerge, but now it's confirmed.
This serves as demonstration, since you can't enter safely now, but you can know the direction the index will take in the intermediate term.
The downtrend signal aims for 7430, in the span of 5 months max, which is a very significant correction.
The overall picture remains potentially bullish or range bound, once said target is hit, or this signal invalidated.
Since price is below the ichimoku tenkan and kijun sen lines, and is about to close under a previous uptrend monthly mode, while forming a new low, it's highly probable to see a continued selloff until my target is hit.
I'd grade this as a 60-70% chance based on my experience with this method.
This confirms the possibility of seeing EURUSD reach my monthly target at 1.21397 as well, which helps me stay in my trade until we get there.
If we manage to see a new 24 month low in rgmov, then I'd suspect the downtrend might continue and break the ichimoku cloud support, and head for a retest of lower support levels, and last well into 2016.
Good luck,
Ivan.
At the time, I didn't expect such a massive sell signal to emerge, but now it's confirmed.
This serves as demonstration, since you can't enter safely now, but you can know the direction the index will take in the intermediate term.
The downtrend signal aims for 7430, in the span of 5 months max, which is a very significant correction.
The overall picture remains potentially bullish or range bound, once said target is hit, or this signal invalidated.
Since price is below the ichimoku tenkan and kijun sen lines, and is about to close under a previous uptrend monthly mode, while forming a new low, it's highly probable to see a continued selloff until my target is hit.
I'd grade this as a 60-70% chance based on my experience with this method.
This confirms the possibility of seeing EURUSD reach my monthly target at 1.21397 as well, which helps me stay in my trade until we get there.
If we manage to see a new 24 month low in rgmov, then I'd suspect the downtrend might continue and break the ichimoku cloud support, and head for a retest of lower support levels, and last well into 2016.
Good luck,
Ivan.
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Trade not stopped but I believe that the intermarket picture has changed. I'll post an updated monthly chart.
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