German DAX Trading Higher As Part Of A Higher Degree Impulse
German DAX has been trading south for the last year or so but it might have been only a temporary decline if we consider that structure is pointing up because of overlapping decline from 12424 to 8690 low, labeled as an A-B-C correction. That said, traders should be aware of higher prices ahead as DAX recently completed a three wave set-back in blue sub-wave 2 at 9164 area and later broke above the upper corrective channel line which could open door for more gains in weeks to come.
German DAX, Daily
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On the lower time frame we see that DAX fell sharply lower at the start of the week, but then bounced even stronger on Friday after touching the lower side of a trading channel. Move up to 10500 is very sharp, an impulse which means that the double zigzag from 10803 can be finished and that index will see more upside after any corrective set-back on the intraday chart. Invalidation level is at 10173; as long it holds, we are looking higher.
German DAX, 4H
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