General overview for 26/01/2016:
The recent price movement on DAX looks corrective as many overlapping sub-waves are present on H4 time frame. The best labeling for the current structure is a form of a corrective (a)(b)(c) pattern that might be a part of the wave B. In that case there is still missing one more wave to the upside, wave C. The nearest target for this wave would be the gap zone between the levels of 10525 – 10689. Nevertheless, in case of any breakout higher the next target is at the level of previous wave A top at 11432.
9112 – WS2
9253 – Local Low
9547 – WS1
9685 – Weekly Pivot
10124 – WR1
10279 – WR2
10525 – 10689 – Gap
10718 – WR3
Choppy trading conditions ahead, but daytraders should consider to open buy orders with SL
below the level of 9253 and TP at the level of 10525 min.
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