FxWirePro:DAX30 forms Bearish Cypher pattern, good to sell on rallies
Harmonic pattern formed –Bearish Cypher Pattern Potential Reversal Zone (PRZ)- 11892 The index has formed Bearish Cypher pattern in the hourly chart and any trend reversal can be seen only above 11892. DAX continuous win…
The index has formed Bearish Cypher pattern in the hourly chart and any trend reversal can be seen only above 11892.
DAX continuous winning streak has come to end after jumping till 11848. The index declined till 11723 and mildly recovered from that level. It is currently trading around 11736.
The index downside capped by 23.6% fibo level and any break below will drag the index down till 11610 (61.8% retracement of 11463 and 11848)/11463 in the short term.
On the higher side ,11892 (Jan 26th high) will be acting as major resistance and any break above will take the pair to next level till 12000/12155 (161.8% retracement of 11892 and 11463).
It is good to sell on rallies around 11770-11800 with SL around 11900 for the TP of 11460
