$DBK: Major financial services provider Deutsche bank turns higher

Deutsche Bank is a German multinational investment bank and financial services provider. It is one of the nine bulge bracket banks. Deutsche Bank is the largest German banking institution and is a part of the DAX index. Founded 1869 and headquartered in Frankfurt, Germany, it can be traded under tickers $DBK at Frankfurt and $DB at New York Exchange. After printing the all-time highs in May 2007 at 86.23, the stock price has lost more than 95% by March 2020. Currently, we see Deutsche Bank turning higher.

The monthly chart below shows the Deutsche Bank stock $DBK traded at XETRA in Frankfurt. From the lows, the stock price has developed a cycle higher in wave ((I)) of a grand super cycle degree. It has ended at 76.87 in January 2001.  From there, a correction lower in wave ((II)) has developed an expanded flat Elliott wave pattern. Hereby, expanded flats are 3-3-5 structures which do a new high in price. First, from January 2001 highs, a first leg lower has ended in 3 swings at 23.99 in March 2003. Then, second leg higher in 3 swings has printed the all-time highs at 86.23 in May 2007. Finally, the last leg lower shows an ending diagonal which is an Elliott Wave 3-3-3-3-3 structure.

Hence, Deutsche Bank may have ended correction in wave ((II)) in March 2020 at 4.45 lows. While above, a new cycle in black wave ((III)) is in the first stages and should reach towards the new all-time highs. The target for wave ((III)) will be 81.41-128.93 area and even higher.

Deutsche Bank Daily Elliott Wave Analysis 08.15.2021

The daily chart below shows the advance higher in black wave ((1)) of red wave I from the March 2020 lows. Within it, subwaves (1)-(4) have ended. Currently, wave (5) is in progress. Once over, a correction within wave ((2)) should take place. It is expected to find support in 3, 7, 11 swings above 4.45 lows. Investors and traders can be looking to buy the wave ((2)) pullback for a rally in wave ((3)).