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30.09.202214:38 Forex Analysis & Reviews: DAX ends September at a two year low.

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Blue rectangles- lower highs

Black lines- Fibonacci retracements

Green lines- expected size of decline

Red line- neckline resistance

In previous posts in August and mid September we warned traders that it would be a bad month for bulls as price was getting rejected at key resistance levels and was forming lower highs. This week price made new lower lows relative to the double bottom of March and July. The weekly candlestick has broken below the 50% Fibonacci retracement and the double bottom at 12,400-12,450 area. Our target since August remains at the 61.8% retracement around 11,300. Weekly trend remains bearish as price continues making lower lows and lower highs. As long as price is below 13,600 we remain bearish.

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