DAX-June13 traded in a choppy manner today, with an upward bias. Big picture remains bearish, yet the very short term perspective is indecisive. My prop indicators diverged — large TFs in «sell» mode, smaller TFs have exited short, and the smallest TFs have turned long. 

Trading-wise, it was a very good and profitable week, as I have got a good run of tradable set-ups on small TFs in DAX and especially in EURUSD:
 



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Dax_June13 has pushed downwards, as expected. My proprietary indicators remain firmly in «sell» mode as I write this. 

Pattern-wise, i see two decent possibilities: 1) either market has finished upward correction @8047,5 high on Wednesday or 2) market will rally again above 8047,5 in order to complete more complex correction. I remain of the opinion that market made its top on 15 March @ 8089 and now is in downtrend with targets far below current levels. Stay tuned.

DAX-June 13 stubbornly continued upward. 8089 must hold for the bearish case. 

Odds are DAX-June13 has reversed to the downside and if so — immediate selling should follow. I remain bearish, lowering my risk point to 8034.                                                         The clearest perspective for European indicies is seen on Eurostoxx50 chart:
 

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PhD in Macroeconomics is foretelling some nasty things to come soon:)                        Copper weekly demonstrates a good example of classic chart patterns (while I don't use  classic chart pattern — set-ups, it still represents impotant information for general market perspective. Smart-money are probably selling copper into this now. Providing there will be no daily closing above 355 (on continuation chart) — price will likely slide down to some lofty targets below 300.

 

There is a residual probability that DAX-June13 is making a sharp upward correction which is about to end immediatly. If not — it is going to make recovery high, uh oh:) There are no 'sell' signals as of now.

Last Friday I said that odds are for a major turn down. Today DAX-June-13 had a huge gap down at open, which is probably an indication for further weakness. I remain bearish vs last Friday's high of 8089.

DAX June13 has reached 8089 high today, just 11 points shy of my stupulated target 8100. Sharp, dynamic decline followed immideately, just as expected. Odds are it is a major turn down.
 

DAX March13 continues upward push toward the target area of ~ 8100. As I said previosly, it is likely a terminal move and  I expect a sharp reversal down rather soon.

 

I don't look at long-term charts quite often, as I trade much shorter time-frames. But sometimes it really worths to take a look at, in order to get the proper perspective. And the long-term chart of DJIA is really something astonishing right here, right now. Again, I'm not a fun of making long-term forecasts&calls, at least my trading approach is not based on such things. But the technical picture is just staggering! It's like being staring into a bottomless abyss standing right on its egde:)



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