This chart is the 20-minute chart for the DAX30. And I have marked out five things to discuss on this chart.
- The previous fork has now turned to grey (dead) as we have broken above the UMLH without reaching the ML.
- This would now be considered a starting point of the new black fork.
- This lower high is now a confirmed pivot as we took out the previous point number two. This is the second point of the fork. Just as a side note, if you examine the line from number 2, (which would be the new ML), notice how the line cuts nicely through a WRB? That’s a sign of a good A-line.
- This may be early, but number four is a good candidate for the C point the new fork.
- If this line set is valid then we would expect full price to come up to the median line.
01-06-2018 FTSE Technical Analysis
We have broken above the UMLH of the old black fork, (so I should be making that grey – but didn’t) and the new fork is providing a target line around the new ML. I have circled how price was responding to the previous fork at the previous LMLH, then the ML and then twice on the UMLH. I drew an arrow to point to the area where price washed the UMLH of the old fork, using that zone to bounce (and create our new C-point for the new fork).
We expect price to reach the new ML.
01-06-2018 DOW Technical Analysis
I actually have nothing interesting to share about this market at the moment, it’s horrible. The only thing I would say is that until we get a new clearly defined trend, playing this market with a mean reversion strategy could be the best option.
Key Levels
