Elliott Wave intraday on DAX favoring bullish continuation [Video]
|Short term Elliott Wave view suggests rally in $DAX to 18892.92 ended wave ((3)). Pullback in wave ((4)) unfolded as a double three structure where wave (W) ended at 17951.17 and wave (X) ended at 18779.40. Index then resumed lower in wave (Y) towards 17039.47 which completed wave ((4)). The Index has turned higher in wave ((5)) with internal subdivision as 5 waves. Up from wave ((4)), wave ((i)) ended at 17505.23 and wave ((ii)) ended at 17233.07. Wave ((iii)) higher ended at 17666.82 and pullback in wave ((iv)) ended at 17439.87. Final wave ((v)) higher ended at 17828.87 which completed wave 1 in higher degree.
Wave 2 pullback ended at 17669.64 and Index has turned higher again. Up from wave 2, wave ((i)) ended at 17921.99 and pullback in wave ((ii)) ended at 17827.08. Index resumed higher in wave ((iii)) towards 18495.28 and pullback in wave ((iv)) ended at 18354.33. Expect Index to extend higher in wave ((v)) and complete wave 3 in higher degree, then it should pullback in wave 4 to correct cycle from 8.13.2024 low before it resumes higher again. Near term, as far as pivot at 17039.47 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]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.