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This chart of the DAX was taken from our December 19, 2023, Technical Tuesday report sent to our institutional clients.

  • The Money Flow Unit (MFU) 3 and 4 targets were generated off the 2020 base, highlighted in green.
  • The DAX achieved the initial MFU-3 target of 15907 in August of 2021, where it stalled for six months and then corrected.
  • After moving above the MFU-3 area with strong momentum in late 2023, the next leg higher was underway, which led to our next target at the MFU-4 level of 18375, where it then started a pullback.