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Mood!

Wednesday, February 29, 2012

DAX nearing resistance band

DAX WEEKLY

Dangerous using Elliott waves , but looks good!

So IMO nearing some hefty resistance, question is "is there one more push up left?" before the correction?
DAX is up 30 % from the November 2011 lows..with barely a pause..

Maybe a push up to above 7000 to suck in late longs and stop out shorts before markets turn.
5-10 % correction would be healthy..

Ideally a small drop and new highs first before larger correction, but larger correction could start here.

Looking at AUDUSD (risk on risk off leading indicator) it has broken out of bull flag, so new highs SEEM likely..
BUT BE NIMBLE!!


DAILY CHART

On the daily the major resistance is the shaded light blue area (6990-7100).  Feeling is market will try and pierce this, before deeper correction.






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