Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.

— Marcus Aurelius


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Wednesday, March 7, 2012

DAX different time frames. Full Moon tomorrow

After the DAX fell over 3 % yesterday, today SHOULD see some form of consolidation of the move down.  How it transpires will show if there is further weakness in the markets.  FULL MOON tomorrow

DAX 1 hour chart

On the chart are drawn black arrows (purely speculative) of how this correction could take place..
Targets around 6400 for DAX, before the rally continues.

DAX 3 hr chart

In this chart we can see that price is getting close to the top of the shaded rectangle, previous resistance, so a pause there should be in order.  A break below that would target the base of the rectangle.

DAX daily

The daily chart shows the NEGATIVE DIVERGENCE(price/RSI)  which translated into yesterday's fall.
Major support is now 6400, if this move is a correction it may take a few days/ week to get there.  
200 day ma support at 6274

DAX weekly

The DAX weekly shows the possible Elliott Wave count, and we can still be following either the red scenario, or the black arrow scenario.
Either way it is clear that the major support is at 6400 or just below

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