Chart of the day

DAX has been rejected from the strong upside resistance of 16500 and is now testing the critical downside reversal resistance of 15760.

A break below the 15760 level which is the most recent short-term uptrend line is required to confirm that the recent upside five waves are in termination and the minor five waves of the long-term second wave are finished. A break above 16500 is required for the invalidation of the five waves down reversal. If we do not see a break below 15760 we can see another test of 16500 short-term, either way, it is expected that these 5 upside waves short-term in the rising wedge will be finished soon.

Long trades, you should open only upon a confirmed break above 16500. Short trades you can open upon the confirmed break below 15760. Be patient and careful both intraday and long-term as this is a wedge that is narrowing for a break soon