And yes... the Point/Level you indicated is correct.
As I told thousands times: never try to predict! Never! It is a huge, dangerous mistake.
We are just and only studying some price action together! To understand Market Logic. Nothing more than that.
In the case of DAX... we are watching a past action... Market said NO with those last candles on the chart: Pin of Rejection plus Bearish Engulfing at Resistance.
Price went down to take out the Bulls Stop Losses...
We had a bounce UP from there: the 50% retrace. (MY long ENTRY)
PS I don't want to be accused again of overanalysis! Maybe with some reasons, this time!
We must learn to use these tools to follow the flow in its course and not to try to predict future movements.
This is the simple, IMMENSE difference to build a correct, winning mindset.
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