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German DAX Eyeing 14k-15k - Elliott wave Analysis

OANDA:DE30EUR   Germany 30
Hello traders, and welcome to a new daily update regarding the German DAX .

On the Weekly time frame of DAX we see price trading in a nice and clear impulsive and bullish sequence up from 2009. We can see a nice five-wave movement up from the lows, with final wave (V) of a higher degree in play which can in weeks and months ahead take price towards the 14000-15000 region.

Now switching to the Daily time frame, where we see price trading in a contracting and sideways correction, which can be labelled as a higher degree sub-wave IV. This correction is known as a triangle, which is a continuation pattern and moves into the direction of the trend( in our case to the upside). Triangles also unfold prior to the final move within a cycle, meaning once this triangle fully unravels a new rally above 13600 as sub-wave V of (V) may follow. That said, a the moment we see leg D of a triangle in play, that can look for resistance near the upper triangle line.

Thank you, and take care.

Cheers!

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I agree 100%. Just blue wave B looks better as an impulse. That is the only weird thing about this obvious wave 4 triangle.
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