2024-12-02 - priceactiontds - daily update - dax
Good Evening and I hope you are well.
tl;dr
dax futures - Neutral for now. Bullish targets are met with 20k and I will scalp long we have a clear setup but not chasing anything Too early for shorts, best to not mess up your year this late.
comment: After many months of writing about the most outrageous target for the dax, we finally did it. What a time to be alive. Don’t look to be the first bear. Can go higher obviously but I won’t chase anything here. My bullish targets are met, I don’t care about any more upside other than small scalps. Will wait for bigger bears to come around and will watch closely when bulls begin to take bigger profits.
current market cycle: bull trend but very late and will end soon
key levels: 19500 - 20000
bull case: Got nothing more for you. Market’s tend to move from trend to trading range instead of trend in the other direction. So we could spend some more time up here.
Invalidation is below 19700.
bear case: Yeah… Also got nothing for you until bears can get a daily close below 19700 again. We most likely spend more time 19800 - 20100 before another impulse.
Invalidation is above 20100.
short term: Neutral. We can go higher but I don’t expect much tbh. 19800 - 20100 is my current range.
medium-long term - Update from 2024-12-02: 20000 hit, hope you listened. This market is beyond overvalued and will drop 30-50% in the next 5 years. I have no doubts about that. That fact should not be relevant to your current trading at all. Now it’s about being patient and waiting for the profit taking to start.
current swing trade: None
trade of the day: Longs only. My weekly outlook was pitch perfect and good for 300+ points. Bar 27 to 39 were more than enough signal bars to go long. 40 was really give up bar by the bears and market just went straight up.
tl;dr
dax futures - Neutral for now. Bullish targets are met with 20k and I will scalp long we have a clear setup but not chasing anything Too early for shorts, best to not mess up your year this late.
comment: After many months of writing about the most outrageous target for the dax, we finally did it. What a time to be alive. Don’t look to be the first bear. Can go higher obviously but I won’t chase anything here. My bullish targets are met, I don’t care about any more upside other than small scalps. Will wait for bigger bears to come around and will watch closely when bulls begin to take bigger profits.
current market cycle: bull trend but very late and will end soon
key levels: 19500 - 20000
bull case: Got nothing more for you. Market’s tend to move from trend to trading range instead of trend in the other direction. So we could spend some more time up here.
Invalidation is below 19700.
bear case: Yeah… Also got nothing for you until bears can get a daily close below 19700 again. We most likely spend more time 19800 - 20100 before another impulse.
Invalidation is above 20100.
short term: Neutral. We can go higher but I don’t expect much tbh. 19800 - 20100 is my current range.
medium-long term - Update from 2024-12-02: 20000 hit, hope you listened. This market is beyond overvalued and will drop 30-50% in the next 5 years. I have no doubts about that. That fact should not be relevant to your current trading at all. Now it’s about being patient and waiting for the profit taking to start.
current swing trade: None
trade of the day: Longs only. My weekly outlook was pitch perfect and good for 300+ points. Bar 27 to 39 were more than enough signal bars to go long. 40 was really give up bar by the bears and market just went straight up.
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