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DAX Testing Supports as Rate Cuts Expectations Fade

ByGregor Horvat
Published 04/11/2024, 04:32 AM
Updated 07/09/2023, 06:31 AM

After the reports of higher inflation in the US, stocks came down as cuts are most likely going to be delayed. So, its not a surprise to see DAX is testing lower, deeper supports, but notice that the whole drop from April's highs is in seven swings, so we still think this is a corrective movement, a complex one, especially because of overlaps. And we know that whenever we see overlaps, well, this represents most likely a corrective price action. If we are correct, then the current WXY could be close to a potential bottom formation that will complete the higher degree wave 4. However, there is no reversal unless we see an intraday five waves up through the 18,240 and then the 18,331 resistance levels. Breaks above these levels would be significant regarding the short-term trend changes from bearish back to bullish mode. A deeper support from here, and also a very important one for whole corrective drop, would be at 17,875.
ECB later today.

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