Details EW and Fib.:
- "Subminuette"- level (grey): Wave 5 stopped almost at 1,000 (13182,7) of wave 3. This 1:1 relation is quite common!
IMPORTANT NOTE: Waves 3 and 4 could also be taken as waves A and B of a corrective pattern ( ), which would end at the same level for the terminating wave c (A:C=1:1)!
- "Micro"-level (magenta, Extension1-pattern): Wave 5 stopped near 0,618 of wave 3, which is also very common. Furthermore, in an Extension 1, wave 5 is always the shortest wave and wave 3 is not allowed to be the shortest wave.
Details for line studies:
DAX is still within the mediumterm trend channel (black) and the dotted channel-lines are showing clearly the flattening of the trend, during May.
TARGETS: As explained above and shown in the chart, next target for a poss. wave 2 could be 0,618 of the whole wave 1 (red), which would be 12251.3, BUT if this terminated wave has an corrective count AND is part of a bigger corrective pattern, the probable TP would be below 11500!!!
BTW, Friday's session could be interpreted as an unfinished "Starting Diagonal" and my algos only accept an ABC-corrective pattern!