• DAX reversed from resistance area
• Likely to fall to support level 15461.00
DAX index recently reversed down from the resistance area lying between the pivotal resistance level 15800.00 (former monthly high from June) and the upper daily Bollinger band. The downward reversal from this resistance area stopped the previous short-term impulse waves (iii) and 3 – which belong to the multi-month upward impulse wave (3) from January.
Given the strength of the aforementioned resistance area, DAX index can be expected to fall further toward the next support level 15461.00 (which reversed the price multiple times in June, as can be seen from the daily DAX chart below).