Weekly chart:
Up until now, there had still been no decisive change in this trend size. After the break in the trend, the market continues to be trendless and seems to be picking up its movement once more after the correction. However, for now, the market will wait for the Fed decision on Wednesday.
Daily chart:
In the daily chart, the downtrend can be clearly seen. The last correction zone is located between 17078 and 17536 points. The current correction goes until 16684 points. Since this correction, the market is tending towards transitioning back into a movement, without, however, really developing much momentum. As before, both options remain open: continuation of the downwards movement or extension of the correction.
Hourly chart:
Due to the probable continuation of the movement, a downwards trend has formed in the hourly chart. Here, the Gabel signals are displaying clear short chances that could by all means be used. However, it should be noted that the Fed is announcing its interest rate decision on Wednesday. This will most likely give rise to considerable movements. Therefore, caution is advised.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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