European stocks rise as Dax recovery gathers pace [Video]

Gregor Horvat Wavetraders

DAX is making a very nice recovery, with higher highs and higher lows from the March 23 low, which suggests bulls are back in control. Price is actually recovering impulsively and broke out, above the base channel near 23300, leading to a strong extension higher, possibly still in wave three. We can now see it slowing down, which could be a wave four pullback, so we would expect further strength for wave five, at least toward the unfilled gap from March 1st. Key support is seen at 23600-23400 area for potential entries. Below that, the gap around 23169 remains important, especially if a deeper correction unfolds.

Once we see a full five-wave structure up on 4h TF, that would confirm a higher degree wave four completed near 22000, opening the door for a wave five extension, potentially even toward 26000 based on the daily chart.

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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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