HomeContributorsTechnical AnalysisElliott Wave Analysis: DAX Bounce Can Be Temporary

Elliott Wave Analysis: DAX Bounce Can Be Temporary

DAX short-term Elliott wave analysis suggests that the rally to 12882.05 high ended Minor wave X bounce. The internals of that bounce unfolded as Elliott wave double three structure where Minute wave ((w)) ended at 12640.87. Minute wave ((x)) ended at 12468.68 and Minute wave ((y)) of X ended at 12882.05 high. Down from there, the decline is showing the overlapping price action suggesting that the decline in Minor wave Y is taking place as 3 wave corrective sequence i.e either ((w)),((x)),((y)) or ((w)),((x)),((y)),((x)),((z)) structure in Minute degree.

The initial decline from 12882.05 high is unfolding as Elliott wave zigzag correction in Minute wave ((w)) lower. Where minutte wave (a) ended in 5 waves structure at 12494 low. Up from there, the bounce to 12740.12 high ended Minutte wave (b) bounce in 3 swings. Decline from there is taking place in another 5 waves structure & reached the 12338.65-12245.56 100%-123.6% Fibonacci extension area of (a)-(b) to end Minutte wave (c) of ((w)). And soon, the index is expected to do a Minute wave ((x)) bounce in 3, 7 or 11 swings against 12882.05 high before further decline in Minute wave ((y)) of Y is seen. We don’t like selling it.

DAX 1 Hour Elliott Wave Chart

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading