DAX 5th Wave Extension?

FX:GER30   DAX Index
To be honest, I am not much of an elliott wave guy and have a basic understanding of it. However, it looks like the DAX             is making a 5th wave extension of a 5th wave extension. see link here for 5th wave extensions. figure 1-10 http://www.elliottwave.com/tutorial/Lesson2/2-2.htm

If I am correct, the DAX             might not have much room to the upside. If the Dax             makes a w4 then a w5 up to finish the 5th wave extension to complete W3. It could present a good rr short with a tight stop with a target of 10764- 10600 Note, would wait for daily confirmation to short with signs of clear rejection, because the Dax             is quite strong.
Comment: Break feb lows and there is some air below.
Comment: daily look
log chart 8600´s???
Dax looks like it could trade to 8680ish
On a monthly chart the DAX could correct back to 6298 and 30 year + trendline support. If this level breaks hard on a monthly close, the DAX could just melt down. Two possible monthly counts. 1st WXY where the 2015 highs are multi-year highs where the DAX goes into a winter period. 2nd, WXY and now an X down to 6298 with a Z up to all time highs for a double top or even new highs at 15018. This setup would take a few years.
W4 seems to have been a sideways correction, if I am correct, today could be w1 of W5? An acquaintance pointed this kind of correction on the SPX today and it looks like the DAX is making a variation of it. TY Carlos! UR the best!
I believe the wave 5 extension was at last weeks highs. Since w2 was a charp correction, alternation of w4 should be sideways or make a triangle.
+1 Reply
elp elp
An alternate count where the w5 extension could make one for rally higher to end w3. Breaking last weeks lows would invalidate this idea and breaking out to new highs would confirm it.
elp elp
Making new highs on the dax would set up a good short, expecially if w 5 traded up to the top channel, like w1, w3 and w3 extension.
if the day candle ends as hammer
we go north
I think W3 could be in. If that's the case???? then would think the dax could retrace 38.2% of W3 I could be 100% wrong! But the 12000 level looks like resistance at the moment. Plus price on the monthly chart is trading way outside the top bolinger band which is a indication price could pullback looking left of the chart.
+1 Reply
The 50% fib short did not trade last week, however almost to the tick not adjusting the fib, price traded it this morning almost to the tick. This could just be a coincedence.
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