Alemanha
DAX
The upside players, maintaining the previous uptrend, failed to reach the first target of the weekly cloud break target. A slowdown in approaching the target led to the development of a corrective decline. Consequently, the DAX closed September trading with a distinctly bearish candlestick pattern. Notably, downward players implemented the daily downward target for the breakdown of the Ichimoku cloud (15040.4) during the formation of September decline. Besides, they closed the previous week below the support levels of the weekly golden cross, thereby initiating the process of elimination of the weekly Ichimoku cross. In the current situation, the nearest significant reference point for downward players is the support of a monthly short-term trend (14771.1). The weekly and daily levels, passed the day before, are being used as resistance now. They form a fairly wide zone, the nearest resistance is at 15271.7 - 15341.4 - 15420.9 - 15501.2.
On the lower time frames, downward players gain an advantage. During the day, supports of classic pivot-levels serve as reference points for them.Today, they are in the range of 14997,7 - 14922,3 - 14835,0. Breaking the key levels is a stimulus to change the current situation. At the moment, the key levels (15084.9 central pivot level and 15382.6 weekly long trend) are at a considerable distance from each other, thereby giving chances for an upward correction movement. In case of rise, classic pivot levels 15160,4 (R1) - 15247,7 (R2) - 15323,1 (R3) test the intermediate resistance.
***
In the technical analysis, the following tools are used:
Senior timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)