Chart of the day

DAX is reversing down from a strong upside resistance of 18800. This is also seen as the end of the long-term fifth wave top and a short-term fifth of the fifth wave although we need confirmation of this.

We need to see a break above 18800 for a new upside extension to happen. I see this as a terminal fifth long-term wave. A break below 18500 will accelerate the reversal down to 17000.

_{Look for the short trade entries with a stop loss above 19200. You can take long trades if we see a confirmed price action break above 19200 and a stop loss is taken. I see this as an ending diagonal with a move below 18500 to trigger a sell off.}