In our confused world, there are many believing from sperm bear to sperm bull. I can accept almost any opinion, but I will share my opinion about the technical picture.
There are many alternatives, but I represent two conflicting forecasts on the chart. Let it clear, DAX has reached resistance zone designated by the previous peak. It could make a little new high but the potential profit and the probability are getting fewer on the buying side. So now I am very cautious.
As the purple alternative represents a bullish view in long term but medium and short term looks pessimistic and I expect a corrective three waves decline.
The blue alt. forecast that the COVID rally will fully erode in five wave structure or more.
If we get any good bearish reversal pattern in the next weeks than we are in a very good juncture because the direction of the next wave will be down both of the alt whether you're bullish or bearish. This situation is my favourite.
Focus on the breaking and reversal pattern, after that a rising correction which will create the juncture. The next Wednesday FED meeting and 7th of Augustus Unemployment rate!
I promised my opinion, so I am on the bearish alternative, I expect a double bottom or new low. But at the moment this is a believing let the market make it clear. So I will focus on the pattern after the breakdown. How will it unfold, corrective or impulsive?
To be continued
There are many alternatives, but I represent two conflicting forecasts on the chart. Let it clear, DAX has reached resistance zone designated by the previous peak. It could make a little new high but the potential profit and the probability are getting fewer on the buying side. So now I am very cautious.
As the purple alternative represents a bullish view in long term but medium and short term looks pessimistic and I expect a corrective three waves decline.
The blue alt. forecast that the COVID rally will fully erode in five wave structure or more.
If we get any good bearish reversal pattern in the next weeks than we are in a very good juncture because the direction of the next wave will be down both of the alt whether you're bullish or bearish. This situation is my favourite.
Focus on the breaking and reversal pattern, after that a rising correction which will create the juncture. The next Wednesday FED meeting and 7th of Augustus Unemployment rate!
I promised my opinion, so I am on the bearish alternative, I expect a double bottom or new low. But at the moment this is a believing let the market make it clear. So I will focus on the pattern after the breakdown. How will it unfold, corrective or impulsive?
To be continued
