DAX 30 Bullish Breakout Confirms Impulsive Wave 3

Chris Svorcik Elite CurrenSea

The German DAX 30 is testing the resistance trend line (red) after strong bullish momentum in the recent price swing. A bullish breakout is expected and confirms a potential wave C (purple).

DAX 30

Daily

The DAX 30 could be building an ABC (purple) zigzag pattern and a bullish breakout is aiming for the Fibonacci targets of wave C vs A.

4 hour

The DAX 30 is moving sideways in a corrective and choppy consolidation, which is typical for a wave 4 (green) pattern. This wave outlook remains valid as long as price stays above the Fibonacci retracement levels of wave 4 vs 3. A bullish breakout is most likely a wave 5 (green) of wave 3 (blue).

The analysis has been done with the CAMMACD.MTF template.

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Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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