GER30 could be retracing before continuing to the upside(WEEKLY)
(WEEKLY TIME FRAME ANALYISIS)
As we can see on the ger30 chart on the weekly timeframe it shows that it started a bullish movement to the upside ever-since thursday 03 oct. trendline placed was broken out off and continued going to the upside up until a particularly strong resistance area at price level 13496.23. when i headed down to the lower timeframes it confirmed the retracement but "up until when?" was the real question. so i went back to the weekly timeframe and pulled out the fib tool and it indicated that it may be retracing to fib level 0.5/0.6 over the next few weeks before continuing to the upside
As we can see on the ger30 chart on the weekly timeframe it shows that it started a bullish movement to the upside ever-since thursday 03 oct. trendline placed was broken out off and continued going to the upside up until a particularly strong resistance area at price level 13496.23. when i headed down to the lower timeframes it confirmed the retracement but "up until when?" was the real question. so i went back to the weekly timeframe and pulled out the fib tool and it indicated that it may be retracing to fib level 0.5/0.6 over the next few weeks before continuing to the upside
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