Elliott Wave Analysis: Bulls Taking Over On German DAX

Gregor Horvat Wavetraders

Good day traders! Today we are goiong to take a look at German DAX and its 4h look.

German dax is trading bullish since end of August, when bigger correction was completed. We now see a five-wave bullish impulse in the making, with price currently trading in one of its sub-waves, wave 4). We know that wave 4) is a correction, which means it represent a pullback within an impulse and can go choppy, slow and overlapping. Ideally current wave 4) will search for a potential base near the 1.2450 region and later make a bounce higher, into final wave 5).

German DAX, 1H

Impulse wave is structured by five subwaves in the direction of a stronger trend.

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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