Geert2000

Dax and elliot wave theory

FX:GER30   The DAX Index
254 0 7
Elliot wave textbook standards

Wave 1 Impulse wave
Wave 2 corrective wave : retracement is 50% -61.8% of wave 1
Wave 3 impulse wave : normally extend 168.1 x wave 1
Wave 4 corrective wave : usually 38.2% to 50.0% of wave 3
Wave 5 impulse wave : tend to be the same lenght as wave 1

Wave A containes 5 waves (intraday)
Wave B usually retrace 50% from wave A but not more than 75%
Wave C equals wave A
Wave C has to pass lows of wave A

Now lets look at the DAX             chart

Wave 1-2-3-4-5 seems to follow the textbook standards ( Wave 5 equals Wave 1 in points )

Wave A contains a 5 wave decline (we are now in the 5th wave of Wave A)
If we set 8800 as a low of Wave A a retrace Wave B around 10600-11k
Wave C could end around 7800 and hit the bottom longterm trendline .

Note the time factor is also important.
Looking at the ABC wave decline ,its kind of going to fast.
BUT the decline we had in 2007-2008 was also rather steep and fast after a 5 wave bullrun
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