DAX found a textbook support

Gregor Horvat Wavetraders

DAX made a nice higher degree wave (IV) correction, which looks like a completed complex W-X-Y pullback with perfect textbook support at the former wave I swing high and 38,2% Fibo. retracement. We can also see an equal wavelength of waves (II) = (IV), exactly at the psychological 17k area, from where we may see a bullish continuation for a higher degree wave (V) of V.

DAX Daily Chart From August 02

DAX Daily Chart From August 14

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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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