- DAX reversed from resistance area
- Likely to fall to 13000.00
DAX recently reversed down from the resistance area located between the powerful resistance level 13500.00 (which also earlier stopped the sharp upward impulse wave C in September, as can be seen from the daily DAX chart below) and the upper daily Bollinger Band. The downer reversal from this resistance area created the daily reversal pattern Shooting Star –which started the active downward impulse wave 3.
Given the strength of the resistance level 13500.00 and the weakening risk sentiment on adverse effects reported from Pfizer’s vaccine – DAX is expected to fall further toward the next round support level 13000.00 (low of the previous minor correction (b)).