Hello Traders,
DAX short-term Elliott wave view suggests that the decline to 11865.47 low ended blue wave (W). Up from there, the bounce to 12460.67 high ended blue wave (X). The internals of that bounce unfolded as a zigzag structure where red wave A ended at 12184.41 high in lesser degree 5 waves. A pullback to 12064.41 low ended red wave B in 3 swings. While a rally to 12460.67 ended red wave C in another 5 waves in lesser degree cycle & also completed blue wave (X) bounce.
Down from there, the index has made a new low below 9/11 low (11865.47) confirming the next extension lower taking place. The initial decline from 12460.67 high is unfolding in 5 waves impulse structure where black wave ((i)) ended at 12174.69 low. A bounce to 12348.86 high ended black wave ((ii)). Then a decline to 11803.19 low ended black wave ((iii)). Black wave ((iv)) bounce ended at 11998.64 high.
Currently, we are calling black wave ((v)) of red wave A complete at 11520.97 and as long as the Index stays above that level it is expected to continue wave B bounce in 3, 7 or 11 swings before further downside is seen. We expect sellers to appear in 3, 7 or 11 swings against 12460.67 high dont like the buying of the index.
DAX short-term Elliott wave view suggests that the decline to 11865.47 low ended blue wave (W). Up from there, the bounce to 12460.67 high ended blue wave (X). The internals of that bounce unfolded as a zigzag structure where red wave A ended at 12184.41 high in lesser degree 5 waves. A pullback to 12064.41 low ended red wave B in 3 swings. While a rally to 12460.67 ended red wave C in another 5 waves in lesser degree cycle & also completed blue wave (X) bounce.
Down from there, the index has made a new low below 9/11 low (11865.47) confirming the next extension lower taking place. The initial decline from 12460.67 high is unfolding in 5 waves impulse structure where black wave ((i)) ended at 12174.69 low. A bounce to 12348.86 high ended black wave ((ii)). Then a decline to 11803.19 low ended black wave ((iii)). Black wave ((iv)) bounce ended at 11998.64 high.
Currently, we are calling black wave ((v)) of red wave A complete at 11520.97 and as long as the Index stays above that level it is expected to continue wave B bounce in 3, 7 or 11 swings before further downside is seen. We expect sellers to appear in 3, 7 or 11 swings against 12460.67 high dont like the buying of the index.
14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.