Weekly chart:
The big picture shows a valid downtrend with a correction zone between 17372 points and 18074 points. After the last correction, which came to a premature end at 16836 points, the index is now in a movement to continue to downtrend once more.
Daily chart:
Likewise, in the daily chart, the downtrend cannot be overlooked. Here, the last correction zone lies between 17320 points and 17732 points (red rectangle). Here, too, the market is also in a beginning movement to continue the downtrend.
Hourly chart:
The downtrend from last week was interrupted with the break of the point three at 16241 points and since no new trend has formed yet, the index can be regarded as trendless in this trend size. This is why for the moment, the sidelines should be taken. However, if a new downtrend asserts itself here, then the chances for short trades will rise.
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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