Image Source: Pixabay
We talked about DAX already at the beginning of August, where we mentioned and highlighted a nice wave (IV) correction within an ongoing five-wave bullish cycle.
DAX actually bounced perfectly from textbook support at the former wave I swing high, 38,2% Fibonacci retracement and equal wavelength of waves (II) = (IV), exactly at the psychological 17k area, from where we can now see a bullish continuation for a higher degree wave (V) of V as anticipated.
Well, DAX is actually already back to all-time highs for wave (V) of V, but we see space up to the important Fibonacci cluster target area and channel resistance line that comes at 19500 - 20000 area before it finds the top.
Video Length: 00:04:32
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