Since the beginning of Wednesday’s session on the German Stock Exchange, bulls were in control and have not given the field even for a moment. Prices on DAX30 started with 47pts. upward gap and demand defeated the first resistance at 11500pts. really quickly. Less than 3 hours later another resistance level was broken (11600pts.). Finally, the main German indices gained – DAX30 +1,57%, MDAX +0,6%, TECDAX +0.95%, SDAX -0,04%. 26 companies listed on DAX30 gained – the Beiersdorf became the biggest gainer (+3,65%).
On the chart we can see 7 upward candles in a row (daily time-frame) – the volume is still decreasing which may be worrying. Below a chart were I showed a less optimist scenario for bulls. In this scenario we would be currently inside 2nd corrective wave just before stronger falls (3rd downward wave). But as you can see even in this scenario, DAX may approach 12200pts. At this point there is equality between AB=CD. At the bottom of the daily chart for DAX we may see some signals indicating that there is a time for a correction.
