Dax is looking lower within wave C

Gregor Horvat Wavetraders

DAX has been in an impulsive uptrend since October 2022, move that can be completed after recent wedge pattern that might topped out at 16530 because of a turn down to 15700.

Notice that drop was strong for wave A, followed by a three-wave (A)-(B)-(C) corrective recovery in wave B that already touched 16k resistance area. We see some nice turn down so far, but still, the lower trendline of a corrective channel has to be broken before weakness for wave C is confirmed, back to 15450 and lower.

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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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