DAX Germany Daily Chart Triple Top Negative Divergence Smack Down Downward-Sloping Channels DAX Prints -10% Correction

The DAX prints a correction move down -10% off the top. The DAX topped out less than one month ago at 10060. 10% off of the top is 1006 points, or 9054. The DAX is currently printing 9091 with a LOD at 9030 exceeding the -10% announcing a market correction. The DAX prints a Triple Top and is spanked down by negative divergence (red lines), overbot conditions, and the red rising wedge pattern. The blue downward-sloping channel trend lines are in play.

The RSI and stochastics want to create a bounce but the MACD remains weak and bleak wanting lower price lows after any bounce. A few days may be required to properly set up positive divergence and guarantee the relief rally. A back kiss of the 200-day MA at 9491 is on the table. The lower support levels (brown lines) are also on the table. The ADX is up to 29 well above the low to mid 20's indicating a strong trend in play and that trend is lower. If the ADX stays above, say, 25, going forward then the DAX should continue to leak lower as the days and weeks play out. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.