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Technical outlook:
The Daily chart for DAX, which is presented here, is clearly indicating that it would be a good idea to sell the index on counter trend rallies. Besides, itis clear that the index is heading steeply downward from the current levels. The wave structure is also indicating that DAX might be already carving out a potential Head and Shoulder pattern and the Right Shoulder is in place around the 13,200 levels. The H&S labeling is not shown here, but if this stands to be true, then DAX has tumbled much lower from current levels. The downside potential remains through 8,700 levels as well. Looking into the wave counts, the index seems to be progressing into the 3rd wave (3) and within the 3rd wave it is progressing to terminate into wave 1 of a lower degree. Bottom line: Till prices stay below 13200 levels, bears shall remain in control.
Trading plan:
Remain short stop 13200 and target below 10000.
Fundamental outlook:
Watch out for German Unemployment claim at 03:55 AM EST, followed by Euro Zone Consumer Price Index at 05:00 AM EST.
Good luck!
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