|

Dax forming a continuation pattern at the highs

DAX has seen some deep pullback in 2023, but it was  A-B-C drop into the important 14400-14600 area. We can see nice and clean impulsive recovery from that support area and back to new highs, so bullish trend is back and it's very strong one; a move that can resume even higher after the current intraday consolidation. Ideally that's wave 4 with nice support now at 16530, but there is a chance for more complex correction with second support seen shown at 16300 area, on 4h time frame. However, for now the ideal scenario to be tracked is a bullish triangle pattern within wave 4.


Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Gregor Horvat

Wavetraders

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

More from Gregor Horvat
Share:

Editor's Picks

Mild correction in Bitcoin – HYPE, TIA extend losses
Bitcoin (BTC) edges below $64,000 on Friday, extending losses for the third consecutive day after the 50-day Exponential Moving Average (EMA) capped recovery around $65,000. Hyperliquid (HYPE) and Celestia (TIA) stand out as the worst performers over the last 24 hours, with nearly 10% losses.
Asian stock markets mirror US tech sell-off, Nikkei plunges over 4%

Asian stock markets face a sharp sell-off on the last trading day of the week, tracking seeking negative cues from United States equity markets. US technology stocks fell sharply on Thursday as stocks of sophisticated chips extended their losses.

-0.4%: Why the biggest CPI drop since 2020 couldn't buy back a single cut

The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.