Elliott wave view: DAX starts a new bullish cycle [Video]
|Rally from November 30 low in DAX ended at 13774.45 as an impulse Elliott Wave structure. This 5 waves rally completed wave (1) in Intermediate degree. Pullback in wave (2) has also ended at 13061.40. Index has since resumed higher in wave (3) . It broke above wave (1) high, confirming the next bullish cycle has started. Up from wave (2) low at 13061.40, wave ((i)) ended at 13266.49 and pullback in wave ((ii)) ended at 13146.50.
Wave ((iii)) is currently in progress as another 5 waves in lesser degree. Up from wave ((ii)) low, wave (i) ended at 13441.59 and pullback in wave (ii) ended at 13342.71. Expect another push higher to end wave (iii), then Index should pullback in wave (iv) before another leg higher to end wave (v) of ((iii)). Afterwards, expect a pullback in wave ((iv)) before another leg higher to end wave ((v)). This should also complete wave 1 in Minor degree and end cycle from December 21 low. Index should then pullback in wave 2 to correct cycle from December 21 low before the rally resumes. As far as December 21 pivot at 13061.40 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
DAX 1 Hour Elliott Wave Chart
DAX Elliott Wave Video
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