DAX triple top could be forming
DAX price action is unable o break above the resistance 13520 for several weeks as we can see on the weekly chart. We are within a long-term uptrend channel with well-defined breakout levels. For the clear downside reversal continuation from here, we need to see a confirmed price action break below 12800. A break and a follow-through above 13520 are required for the upside bounce and a continuation higher.
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On a daily chart, we can see that the pair is testing the wedge resistance 13100 for the downside reversal breakout and a continuation lower to test 11750. Look for the short trade entries upon a break below 13100. Our trading system is indicating a potential of 500 points of profit. The short trade entries invalidation to come only on a clear daily close above 13520 and would trigger stops and a reversal of trade from short to long trade entry trade entry.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
