By Admiral Markets
The Flat base and plunge downward are the main characteristics of the diving board pattern. The DAX30 dropped then spiked heavily reaching 12954. At this point, the retracement is underway. There are two POC zones. 12770-83 is the first POC, while 12716-42 is the POC2. We might see the bounce if the price touches the zone. For bulls, ideally, the price should stay above the Diving Board pattern trendline 12651. Targets are 12900, 12954 and 13000 at the break of W H4- 12968.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
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W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.