Wednesday, 26 September 2012

DAX breaks lower from short term trend channel

The DAX has this evening broken lower from a short term trend channel, and perhaps more importantly, done so from near the top of the (seemingly) never ending bearish megaphone pattern. Will the megaphone deliver on its bearish potential? A break below the lower megaphone trend line would be required to complete the set up, which seems a distant possibility, but anything can happen.

S&P 500 break higher from trend channel proves short lived

Similar charts as last night, updated for market action.

Weekly chart shows the trend channel.

Daily zooms in to past year to better show the short lived break higher.