DAX daily ..BULL FLAG

When markets are showing similar patterns usually reinforces the analysis.  The DAX also broke what now looks like a BIG bull flag on the daily chart.  If so, and referring to my trusted Edwards and Magee, the measured move would be to approx 7200 !!   

With a lot of skepticism in the market this could be achieved in the next couple of months.  6145 levels looks like the "OBVIOUS" resistance level..so watching that but like FTSE not expecting a huge pullback..

Maybe strategy is take profits on half and wait for pull back to reload?  Unless very nimble shorting may be too much work

BKX again..!

Looks like H&S formation won over on the short term...

HOWEVER also looks like the bearish wedge is still valid....

from Edwards and Magee  "prices almost always fluctuate within the wedges confines for at elast 2/3 fo the distance from the base (beginning of convergence) to the apex...in many cases they rise clear to the apex and in some they actiually go a short distance beyond in a LAST GASP rally before collapsing"

link to previous BKX post

http://iberianviews.blogspot.com/2009/04/bkx-revisited.html