DAX going to a new high but for how long will it stay there
DAX is reaching the new high near the long–term Pitchfork channel upside resistance as you can see on the monthly chart. We had a break above the strong upside resistance 13500 with a confirmation. The instrument is now close to 15000 and an uptrend line resistance where we had previously a pullback in 2015 and 2017 with a larger magnitude.
On the weekly chart, we can see a sharp rising wedge inflection point aligned with the long-term uptrend line touching high resistance 14600-15000 zone where we can’t rule the violent price action and a possible top.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts. Also, you have the chance to see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Live Training Mentoring.