Dax … Chartwatch

As markets keep swinging intraday with high volatility, but low trend intensity, here my idea, looking at a daily chart.

Copyright by Tradestation

As you can see, we had a downmove of around 1.900 Dax points … now we keep consolidating within a bearflag formation.

So far we only corrected 38.2% which is quite bearish. We don’t even made an attempt to see the upside of the bearflag.
I would love a rise to that upper line … around 7300(?) … and will SHORT there … for NEW LOWS!!! Otherwise, a break of the lower trendline of the flag will be the short trigger.

Minimum(!!!) target would be a new low … around 6.150? My medium term target is 5.400/5.200 … worst case would be 4.800.

Tags: Chart, flag, outlook

This entry was posted on Freitag, Februar 22nd, 2008 at 15:15 and is filed under FDAX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.