The price on the DAX should go above 13365 or we could see a deeper retracement. This will lead to a trend change on intraday time frames.
The DAX30 has been in a strong uptrend. The price on the index is bullish but a small SHS pattern and a failure to print a new high above 13365 will probably start a move down on intraday time frames targeting 13200 and 13086. That could initiate a deeper downmove towards 12995 and 12843 during the course of the next week. Watch for price action!
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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