Elliott Wave Video Analysis: Price Personality On German DAX Is Pointing Higher
Elliott Wave Video Analysis: Price Personality On German DAX Is Pointing Higher
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 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, ideally towards the 161.8 Fibonacci projection ratio.
German DAX, Daily
Regarding the lower time frames.. Two weeks back German DAX turned up strongly from 10173, clearly with an impulsive price action so we see it as wave 1 that is part of a bigger bullish cycle. As such we think that strong uptrend will continue soon, as we see current retracement down slow and overlapping; probably wave two within uptrend that can look for a base at 38.2-61.8% Fib. level.
For more detail please check our video below.
German DAX, Video
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