Weekly chart:
After the price broke through the uptrend at 1980 points, the index can currently be regarded as trendless. The reversal candle from the previous week does nothing to change this either, since this reversal could not be confirmed. In the past week, as well, the index failed once more at the 20 LP from the monthly chart. A continuation of the downtrend seems more probable than a continuation of the correction.
Daily chart:
You can see very clearly in this downtrend that the sellers pressed the sell button at the 20 LP from the monthly and the daily chart. In this trend size, too, the chances of a continuation of the downtrend are increasing.
Hourly chart:
In terms of the superordinate trend, the chart is showing a clear short signal in the hourly chart. The Gabel indicator is also displaying a short signal with the help of the red arrow. The trend is clearly short and can be used for short trades.
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
IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.