dax daily outlook wed 16 sep upswing is expected to continue within range configuration 1314612015

(Click to enlarge chart) What happened yesterday The Germany 30 Index (proxy for the DAX) has tested the lower limit of the range configuration and […]

(Click to enlarge chart)

What happened yesterday

The Germany 30 Index (proxy for the DAX) has tested the lower limit of the range configuration and held above the 10080 daily (short-term) pivotal support. Thereafter, it staged the expected rebound in the U.S. session.

Please click on this link for a recap on our previous daily outlook.

Key elements

Since the 28 August 2015 high,the Germany 30 Index (proxy for the DAX) has started to evolve within an ascending complex range configuration with its lower limit (support) at 10080 and upper limit (resistance) at 10650.
Based on the Elliot Wave Principal, this complex range configuration is a typical 5 wave structure in the form of (a, b, c, d &e). Current price action is undergoing the wave d which is an upside movement towards the upper limit (resistance) of the range configuration.
The hourly (short-term) Stochastic oscillator has just exited from the oversold region which suggests that upside momentum has resurfaced.

Key levels (1 to 3 days)

Pivot (key support): 10080

Resistance: 10320, 10510 & 10650

Next support: 9890

Conclusion

10080 remains the daily pivotal support to watch and a break above the 10320 intermediate resistance is likely for the Index to gain impetus for a potential rally to target 10510 before 10650 (upper limit of the complex range configuration).

On the flipside, a break below the 10080 pivotal support is likely to invalidate the push up scenario for a slide to test the next support at 9890.

Disclaimer

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