Dax Sept 13 has bounced y/day off the 78,6% retracement of the precceding rally. My system exited short. I remain bearish, and expect the bounce to run out of steam soon. But, objectively, untill the April low of 7422 stays intact, we can not exclude the possibility that the current sell-off is just another deep correction. Price action will clearify, as always.

 

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There is not much to update — Dax is going steadily down, in line with my bearish call. 
 

Dax June 13 has been sold off dynamicaly during last two trading sessions, as been anticipated (see my post as of 17th June). Closest target for the downside is  7400/7350 area.

After reaching the intra-day high of 8286.5 (Though has not reached the previousely estimated lower target 8350), Dax June 13 reversed downwards.  Reversal looks for real and the prop indicators turned into «sell» mode. Likely target for the downside is 7400 as been stipulated before.

Dax June 13 continued trading higher today after the Friday's sharp reversal. Despite the choppiness of the preceeding decline, I think that Dax has made a top on 22 May and  further direction for the price is most likely DOWN. Nevertheless, my indicators remain «long» on shorter TFs. I expect market to trade into 8350/8450 area and then reverse down decisively. 

Well, it was damn hard to make money during recent days — market isn't trending — a bad time for any guy with a trend seeking system:) I refuse to make directional call at this stage, and would rely solely on system's signals. Overall, the rally from 2009 lasted more than enough, sentiment readings are toppish to say at least. But the price action remains muted, and the price action is the ultimate judge…

Price action has screwed my bearish expectations (not the first time and not last). My system turned Up right after market had reached day lows and is firmly long across the board now. If today's spike will not be retraced down immediately today/Monday — price structure becomes bullish.

 

Dax June 13 procceds sharply lower, as expected. Lower levels are due in days ahead.

Market (Dax June 13) is trading at day's low by closing. Which is bearish ceteris paribus. Market remains open for significant downside, with 7800 as probable target level for immediate future.