DAX: Amazing Channel Down symmetry calls for a buy.
DAX hit (even breached) the bottom of the Channel Down on the 1D timeframe and reacted with a rebound. It is not a strong one yet as the 1D technical outlook is still bearish (RSI = 34.478, MACD = -177.100, ADX = 34.069) but the remarkable symmetry with the two bearish legs prior, calls for a currently undervalued price for the short term.
Technically the two rebounds after making LL inside this Channel Down, reached a little over the 0.5 Fibonacci level. The buy signal becomes even stronger if we take into consideration that we got the first 1D RSI Bullish Divergence. We are buying having a modest target on the 0.5 Fib (TP = 15,100), which depending on how aggressive the current reaction is, can even reach the 1D MA50.
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Technically the two rebounds after making LL inside this Channel Down, reached a little over the 0.5 Fibonacci level. The buy signal becomes even stronger if we take into consideration that we got the first 1D RSI Bullish Divergence. We are buying having a modest target on the 0.5 Fib (TP = 15,100), which depending on how aggressive the current reaction is, can even reach the 1D MA50.
See how well our prior idea has worked:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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