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DAX Elliott Wave Analysis: Correction In Progress

Summary

DAX is correcting cycle from 1/2 low (12731) as zigzag and while the dips stay above there, Index should resume higher again.

DAX Short Term Elliott Wave view suggests that Intermediate wave (X) ended at 12731.46. Rally from there is unfolding as a 5 waves impulsive Elliott Wave structure where Minutte wave (I) ended at 12943, Minutte wave (ii) ended at 12881.5, Minutte wave (III) ended at 13408.5, Minutte wave (iv) ended at 13328.5, and Minutte wave (V) of ((A)) is proposed complete at 13421.5. Index is correcting cycle from 1/2/2018 low within Minute wave ((B)) in 3, 7, or 11 swing before the rally resumes.

Internal of Minute wave ((B)) is unfolding as a zigzag Elliott Wave Structure where Minute wave (A) is proposed complete at 13219. While Minute wave (B) bounce fails below 13421.5, Index has scope to extend lower in Minute wave (C) of ((B)) to finish the zigzag correction. Afterwards, expect Index to resume higher as far as pivot at 1/2 low (12731.46) stays intact. We don’t like selling the Index and expect buyers to appear for more upside in 3, 7, or 11 swing, provided pivot at 1/2 low stays intact.

DAX 1 Hour Elliott Wave Chart

Source : https://elliottwave-forecast.com/stock-market/dax-elliott-wave-correction-progress/