DAX30

Weekly

The German DAX index break above the resistance trend line (dotted red) after it bounced at the 50% Fibonacci level of a potential wave 4 (purple). The bullish break could be part of wave (purple) and multiple waves 1-2 (orange/green) could explain the series of higher highs and higher lows recently. However, a strong break above the resistance top (solid red) is needed to confirm the structure. A push below the support trend line (green) and 50% of wave 4 (purple) invalidates the waves 1-2.

4 hour

Wave 2 (orange) seems to have been completed on a lower time frame. The bullish momentum after price bounced at the 50% Fibonacci level of wave 2 (orange) has been marked as a wave 1 (brown). The wave 2 (brown) retracement has been choppy and corrective as price moves sideways via a WXY correction (blue/green). The Fibonacci levels of wave 2 vs 1 could act as support but a break below the 100% level invalidates wave 2 (brown). A break above the resistance (orange/red) could trigger a potential wave 3 (orange).

EUR/USD

4 hour

The EUR/USD is bouncing in between support (green) and resistance (orange) trend lines. Major support levels from the daily chart (green) are also key. A bullish break above resistance (orange) could see price correct to higher Fibonacci levels. A break below the support zone (green lines) indicates a continuation of the downtrend.

1 hour

The EUR/USD seems to have completed an ABC zigzag (blue) within a larger WXY (brown/purple) correction. A bullish bounce at the Fibonacci levels of wave X vs W could indicate that price will extend the correction in a wave Y (brown).

USD/JPY

4 hour

The USD/JPY posted a new higher high close to 115 as the bullish momentum extends further and further.

1 hour

The USD/JPY could be retracing within a wave 4 (brown) although in that case price cannot break below the 50% Fibonacci level otherwise the structure is invalidated.