Chart of the day

DAX is testing the most critical upside resistance of 16500. A break above 16500 would mean an extension higher.

We are possibly in the process of the five waves upside completion but we could see a new historical high in this process of 17500-18000, especially in the case we see a confirmed break above 16500. A rejection here would lead to another swing lower to 15500.

The long trades, you can open only upon a confirmed break above 16500. Short trade entries you can open here with a stop loss just above 16600 or upon a confirmed intraday break below 16200.