Another week has passed in the markets, in the previous analysis we noted how the 12500 area of the dax was a nice long level and the 12800 area a good sell level. We had said that a break of the two h4/daily areas could accelerate the price upward.

We had thrown our weight around by giving initial targets at 12950 only to back off for a moment and hang up on the highs. Well, we pretty much got it, although then the market felt the period highs.

In the image I have drawn two lines where the market is congesting again, it is making a second block of bullish trading range, but on daily timeframe some bearish signals have started to come from the 13100/13200 area while on h4 we still have a bullish setup until the 12770 is held.

The price of 12770 is a key area in the medium and with a h4 and daily close below it could turn the market around to at least 12500 again.

Along with the dax we must also report a vix that is trying to hold this 22.50 area and is trying to attack above 26.

This holding of the vix and early signals on the daily could tip us toward downward corrections in this August finale, we remain bullish until these levels are held but ready possibly to turn around if markets start to fall.

As always, we will keep you updated in the Monday and Thursday webinars and in our premium chat!

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