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Weekly chart - Potential H&S ... as we fail @ 61% along with FTSE topping tail @ 61% . Add in Dow transports H&S on daily chart and semicons hitting double top resistance on daily chart = strong argument for a right shoulder here. I will give more intermarket arguments later in FX and commods markets to support this
Daily chart - 3 Dojis in a row followed by a bearish engulfing candle = exhaustion and potential reversal ...especially given that we have had weak ZEW data and weakest care sales data out today ...then Bernanke with his Hawkish comments on the morrow....Which I will explain later .
60 mins- A beautiful H&S set up that has worked almost 90% of the time for me ........Bearish engulfing candle creating a bear flag for a right shoulder to close the gap below to hit the H&S target
10 mins - Symmetrical wedge pattern here which wil break to the downside due to larget TF's = bearish ..........today we registered a topping tail prior to ZEW data so weakness was from the outset as China slowing will hit German exports .
Add in bearish cross overs of 20MA and 50 MA < 200 MA = bearish momentum .
DAX is reliant upon the Nasdaq ...Nasdaq has not had a pull back for several sessions , a pull back in Nasdaq which is under way = catalyst for DAX to close all the gaps below .
Remember folks unfilled gaps act as magnets when it comes to price action .
