DAX 30 detailed Elliott Wave Analysis : Both sides of the coin discussed
|DAX : Daily : Log Chart : From the POR (Point of Reference) near 4950 we seem to be moving moving in an Impulse.
Hypo 2 : Cyan : Suggests that we have already completed the Wave (iv) near 8680 level and are currently in Wave (v) up for the same. If that is the scenario playing out then we can see a straight up move from the current price levels taking this market to new life time highs.
Hypo 1 : Yellow : Suggests that the Wave (iv) is still continuing as a Flat or a Triangle type of corrective pattern and hence this market will see sideways or bearish move which can take it anywhere in 10547-9764 (White support zone) or even lower to 8700 levels.
Strategy : The current price action suggests that a move below 11135 will provide strength to the possibility of Hypo 1 playing out, whereas a move above 13802 will clarify that Hypo 2 is in play. Hence wait and watch for now.
Readers should note that Elliott Wave counts just like the markets are dynamic and can change at any point in time.
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