dax daily outlook for tues 07 july further potential push up above 10800 support 809562015
<p>(Click to enlarge charts) What happened yesterday The German 30 Index (proxy for the DAX) has gapped down at the start of early Asian trading […]</p>
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What happened yesterday
The German 30 Index (proxy for the DAX) has gapped down at the start of early Asian trading session. Interestingly, it has managed to hold above the 10600 key support and staged a push up to cover the gap.
Key elements
- The hourly RSI momentum oscillator remains above its pull-back support.
- The significant short-term resistance will be at 11070/11130 which is the former trendline support now turns pull-back resistance and the 1.00 Fibonacci projection (minimum wave iii target) from 06 July 2015 low @1pm to 07 July 2015 low @2am.
Key levels
Pivot (key support): 10800
Resistance: 11070/11130
Next support: 10600 (upper limit of weekly pivot)
Conclusion
Technical elements remain positive. Based on the Elliot Wave Principal, the medium term bearish (corrective) wave (4) in place since 13 April 2015 high is likely to have ended yesterday, 06 July 2015 at the low of 10715. Right now, it is undergoing the start of a potential medium term (1 to 3 weeks) bullish (impulsive) wave structure. On the short-term, as long as the 10800 daily pivotal support holds, the Index is likely to stage a further push up to target the 11070/11130 resistance zone (also the minimum wave iii expected target).
On the other hand, failure to hold above 10800 is likely to jeopardise the bullish tone to see a slide to test the upper limit of the weekly pivotal support at 10600.
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