DAX index rallies after ending three waves corrective pullback [Video]
|Short term Elliott Wave view in DAX suggests the Index ended wave (3) at 16427.42. Wave (4) pullback unfolded as a zigzag Elliott Wave structure. Down from wave (3), wave ((i)) ended at 16069.1 and wave ((ii)) ended at 16184.30. Wave ((iii)) lower ended at 15733.12 and wave ((iv)) ended at 15874.90. Final leg wave ((v)) ended at 15713.70 which completed wave A.
Rally in wave B ended at 16209.29 with internal subdivision as a zigzag structure. Up from wave A, wave ((a)) ended at 15998.67, pullback in wave ((b)) ended at 15920.33 and final leg wave ((c)) ended at 16209.29 which completed wave B. The Index then extended lower in wave C towards 15453.08 which completed wave (4) in higher degree. The Index then turns higher in what looks to be impulsive structure. Up from wave (4), wave i ended at 15755.44 and dips in wave ii ended at 15659.10. Expect the Index to soon end the 5 waves rally from 7.7.2023 as wave (i), then it should pullback in wave (ii) to correct that cycle before it resumes rally. Near term, as far as pivot at 15453.08 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
DAX 60 minutes Elliott Wave chart
DAX Elliott Wave video
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