Blake Morrow’s Chart of The Day – June 25th 2021
Yes, the DAX is in an ascending wedge. YES, an ascending wedge is a reversal pattern (eventually). However, with US equities hitting all time highs (SPX and Nasdaq) the DAX may be ready to resume the uptrend and make a move for the 16,027 161% Fibonacci extension. Currently we have a triangle setup and a break above 15,685 would be a bullish breakout. A move BELOW the 15,400 may produce selling as the wedge may break lower. The risk for bulls currently is that the RSI has remained divergent since mid April.