DAX is in sharp and impulsive recovery away from the lows, breaking important daily trendline, which can be easily an indication for more gains, especially if we take a look in the 4-hour chart, where we see an unfinished five-wave cycle from Elliott wave perspective.
Looking at the 4-hour chart, we see DAX trading in the middle of wave 3 of a five-wave bullish cycle, so we will have to be aware of more upside, but ideally after 4th corrective pullbacks.
Currently we can see it finishing an extended subwave 5 of (3) of 3, so after a pullback in wave (4) with support around 14100 – 14000 area, watch out for a bullish resumption within wave (5) of 3.
Be humble and trade smart!
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