DAX May Dive if it Tries to Go Up
DAX index has moved out of the upward channel that was established since October 2022, and is running flat within 15500-16500 area. This is not a clear downside signal yet. But it may emerge if the index tries to recover and this effort will be unsuccessful. This will become a solid reason to go short on the DAX. However, it would be better to wait for the retest to be completed at 16200-17000 point for a more secure trade. Otherwise, I will be outside it.
The downside target looks very ambitious at 12000-12700, which is 20-25% down. German economy doesn’t look sound at the moment, so fundamentally DAX is seen too high. The stop-loss of this trade could be set at 17400.
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