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It ran out of downward pressure at about 3580, all the moving averages started turning upwards, the daily pivot started acting as support, it was just a question of waiting for a retracement and all the triggers to line up for a long entry.  We now have a small retracement with this building to go possibly to the 4300 area, I am out now as this is most likely still just be a retracement on the downward move on the 4 hour and daily chart.

Below is the daily chart showing the fibonacci levels with the red cross on the cci 84 marking how oversold the dax was at 3580, buyers enterd the market in force.

I couldn’t resist this short trade on the dax today, all the moving averages were in the correct order above us, there was that descending trendline and also the daily pivot acting as resistance. All this added up to a relatively small stopp loss above all that resistance with a decent profit target of the previous low.

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I still think the dax has a long way to go down yet, however it looks like we may be ready for a retracement to the 4200 region on the 4h chart. I won’t be considering trading this unless the price starts to follow the path mapped out on the 60 minute chart below. This will be fun lets see what happens.