DAX30 - Where are we at?

FX:GER30   DAX Index
The last few weeks went like a clockwork. Basically every target zone got hit, every support held and the price action matched perfectly into the overall image of my Analysis.

Now, since we have reached an ATH             (all-time-high) at ~12.222 the price consolidated - which again - fit perfectly into my Elliot Wave count, as a small correction was overdue. On this note please don't forget that an overheated market is not automatically an occasion to sell!

So what do I expect to happen? Basically there are two scenarios from which I think one is more realistic than the other:

1. A-B-C correction is finished
In this case the DAX30             will break out of the short-term negative trend (red line) and continue it's ride direction North very soon. From there we, once again, go into a 1-2-3-4-5 count which will probably end at around 12.300/20.

As the indicators back this theory I think this is the more likely event to happen.

2. A-B-C is not finished, YET
In this scenario we will have to face a lower low which can be projected near to the last 4 (blue 4). A correction of this extent would not harm the still bullish environment in the DAX30             .

Bottom line
I currently have a long position open in most of my accounts, aiming for the 12.300 level.
nice catch, would like to ask, are you experienced/confident master with ew? i still struggle with counts, got two different scenarios in m120 /daily
for now w4 in progress, target 11600-11215, see
daily fdax below
Dluginacci look4edge
Based on the current situation you scenario makes total sense.
Where is you blue and green 5?
+1 Reply
look4edge Dluginacci
not marked: blue 5= green 3, green 5= red 3
Dluginacci look4edge
I agree with your target zone but would not trade it. I will wait until mit c is finished. In my oppinion there is definitely another high to come!
+1 Reply
look4edge Dluginacci
agree from your point of view, sending my m120 detail (little different ew count), first correction target hit
to go below - dax needs to clear 11700 - my volatility indicator, then will check ccis, ema13/ema34 cross and if develops, then at 11215 enter heavy long - longterm channel fdax breakout support
look4edge Dluginacci
clear like this, for me further down, waiting for pullback and will try another short...
Dluginacci look4edge
Looks good! Let's see what the market has ready for us. Cheers
+1 Reply
look4edge Dluginacci
thx for attention, take care and trade safe
keep posting :)
Dluginacci look4edge
No worries. Same to you.
+1 Reply
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