DAX 30 Strong Bullish Momentum Confirms 3rd Wave

Chris Svorcik Elite CurrenSea

The German DAX 30 index is testing the resistance trend line (red) and preparing for a bullish breakout. A push higher could indicate a bullish wave C (purple).

DAX 30

Daily

The DAX 30 made a bullish bounce at the support trend line (blue), which could indicate the end of the wave C (blue) of a wave B (purple). The current bullish impulsiveness makes it likely that price will be able to break above the resistance trend line (red). A bullish breakout is aiming for the Fibonacci targets of wave C vs A.

4 hour

The DAX 30 bullish rally seems to be taking place via a 3rd wave (green). Any pullback that might occur is likely to be a wave 4 (green) correction as long as price stays above the 50% Fibonacci retracement level.

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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