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Elliott Wave View: DAX Looking for 3 Waves Rally

DAX shows incomplete bearish sequence from 11.18.2021 high and 3.29.2022 high favoring further downside. Decline from 3.29.2022 high is unfolding as a double three Elliott Wave structure. Down from 3.29.2022 high, wave (W) ended at 12390.95 and wave (X) rally ended at 13947.85. Wave (Y) decline is now in progress with subdivision as another double three WXY in lesser degree. Down from wave (X), wave ((a)) ended at 12603.58. Wave ((b)) rally ended at 13564.83 and the 45 minutes chart below starts from here. Wave ((c)) lower ended at 11862.75 and this completed wave W of (Y).

Wave X of (Y) rally is now in progress as a zigzag Elliott Wave structure. Up from wave W, wave (i) ended at 12198.37 and wave (ii) ended at 11866.98. Index then extends higher in wave (iii) towards 12669.53 and wave (iv) ended at 12455.36. Expect 1 more rally higher in wave (v) to end wave ((a)). Index should then pullback in wave ((b)) to correct cycle from 9.28.2022 low before the next leg higher in wave ((c)) to end wave X. Near term, as far as pivot at 11862.75 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

DAX 45 Minutes Elliott Wave Chart

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