Short term overbought, Long term still UP

The charts below are pretty self explanatory.
Short term DAX has gapped up, and has a tendency to fill the gaps.  So a fall to around 7300 may be on the cards, HOWEVER if the market stays above here, and works off the overbought condition, then it may launch higher, attacking resistance at 7450/7500.  

Range 7266 -7470 for a few days.

BUY the dips! 
The Weekly and Monthly charts show the declining resistance.

IF we get a sustained break out, DAX could see as high as the ALL TIME HIGHS @ 8100 (10 % higher from current levels)

DAX 2 hr chart

 DAX daily

DAX weekly

DAX monthly

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

DOW JONES - bottom coming

Looking at the chart, looks like this steep descent must end soon (relatively speaking) could be another 1000 points away !! But worth bearing in mind...an all out panic/ washout - call it what you will - would be good for a start and a decent "tradeable" rally. Another plus would be when CNBC reporters stop trying to pick bottoms!!

BE NIMBLE!!

GOLD

What's happened to gold? Looks like the classic case of "throwing the baby out with the bathwater" Look at the longer term chart..self explanatory. Key levels..650 if broken then expect test of longer term uptrend at 550.