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Awaiting upside

Could the DAX have peaked and be headed for a correction lasting until around early April? That is one interpretation of the 17-week cycle, the rhythm that has caught six of seven significant turns in the market in the last couple of years or so. I am not convinced, however, despite its so-far accurate projection of a late-January high. It is quite possible that a further turn in the German index will indeed occur in early April, but that it will be another high rather than a low.

Today, I am on the lookout for longs in the FTSE 100 and EURGBP, while I seek further shorts in GBPUSD.

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By Dominic Picarda,
18 February 2013
08:09:24

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Dominic Picarda

Dominic Picarda is a CFA charterholder and a Chartered Market Technician. He has co-ordinated the IC's charting coverage for four years. He is a frequent speaker at seminars and other trading events.

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