DAX has turned down last week, with a new leg to 10480 which appears to be a third wave of a pullback. An updated count on the latest wave structure suggests that retracement from the high was wave 4) that can be already finished after sharp turn up yesterday. We also need to keep in mind that trend is bullish since start of October, so we believe that this trend will now remain in play for a new high. It seems like wave 5) will reach levels above 11100 and possibly extend to 11300-11400 Fibonacci projection zone.
German DAX, 4H
German DAX, 4H
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