We have printed a higher high so the bullish trend remains intact, the longer term target zone of 12750-12800 is also the current measured move. We still are lacking any sizeable pullback and the longer term trend defining level/zone (in our opinion) is 12240-12250.
When watching the smaller timeframes on the intra day tick charts (500 tick on the screens), we saw a threat of a change of market cycle from mark up into distribution. This is because we saw an intraday fail to break a higher high and then actually printed a lower low, suggesting an end of trend. The price then printed a new higher high throwing price action into a bit of chaos suggesting a market cycle change. So we will continue to watch that. On a wider time frame, the bullish trend remains.
Assuming the bullish trend remains, then using the swings on our hourly chart, we can draw a fork to predict a potential pullback area in the region of 12565. That’s the idea we are playing with currently.
Dax & FDAX Technical Analysis 21-09-2017
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