Thu, Aug 18, 2022 @ 17:36 GMT
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Elliott Wave View: DAX Looking to Start a New Bullish Cycle

The 3/7/2022 low of 12438.85 in $DAX completed correction to the cycle from March 2020 low (Covid-19 low). From 3/7/2022 low, DAX has turned higher in a 5 waves impulse Elliott Wave structure. Up from 3/7, wave (1) ended at 14925.25 and pullback in wave (2) ended at 13387.74 as the 1 hour chart below shows. Internal of wave (2) unfolded as a zigzag where wave A ended at 13566.2, wave B ended at 14315.24, and wave C ended at 13386.32.

The Index has turned higher in wave (3) with the internal as another 5 waves in lesser degree. Up from wave (2) low at 13387.74, wave ((i)) ended at 14226.47 and dips in wave ((ii)) ended at 13683.59. Index then extends higher in wave ((iii)) towards 14709.38. Expect wave ((iv)) pullback to end soon and Index to make 1 more push higher in wave ((v)) to end wave 1. Afterwards, it should pullback in wave 2 to correct cycle from 5/9/2022 low before the rally resumes. Near term, as far as 5/9/2022 pivot low at 13387.74 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

DAX 60 Minutes Elliott Wave Chart

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