Short term, Elliott wave view in DAX suggests cycle from 9.28.2022 low has ended with wave (1) at 14677.69 as an impulse. The Index is currently correcting cycle from 9.28.2022 low within wave (2). Internal subdivision of wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave (i) ended at 14375.95 and rally in wave (ii) ended at 14470.74. Index then extends lower in wave (iii) towards 13815.24, and rally in wave (iv) ended at 14001.37. Final leg lower wave (v) ended at 13791.52 which completed wave ((i)).
Wave ((ii)) rally has ended at 14160.87 with internal subdivision as a zigzag Elliott Wave structure. Up from wave ((i)), wave (a) ended at 13931.29 and pullback in wave (b) ended at 13848.07. Wave (c) higher ended at 14160.87 which completed wave ((ii)). Index has turned lower in wave ((iii)), but it still needs to break below wave ((i)) at 13791.52 to rule out any double correction. Near term, as far as pivot at 14677.69 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower in wave ((iii)) = 100% – 161.8% Fibonacci extension of wave ((i)) at 12744 – 13285.
Wave ((ii)) rally has ended at 14160.87 with internal subdivision as a zigzag Elliott Wave structure. Up from wave ((i)), wave (a) ended at 13931.29 and pullback in wave (b) ended at 13848.07. Wave (c) higher ended at 14160.87 which completed wave ((ii)). Index has turned lower in wave ((iii)), but it still needs to break below wave ((i)) at 13791.52 to rule out any double correction. Near term, as far as pivot at 14677.69 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower in wave ((iii)) = 100% – 161.8% Fibonacci extension of wave ((i)) at 12744 – 13285.
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