• DAX Tested Trend Line Support & 0.382 Fibonacci Retracement level. 

• Trading at ideal Support level for Bullish Move 

• Rising above 15290 indicates Bullish Confirmation 

European stocks trading higher today, with DAX rising above the 15,000 level. On Tuesday, DAX 30 suffered more than a 2% loss due to a big sell-off on Tech & Auto stocks.  

From an Elliott Wave Analysis approach, this fall was expected after a five-wave extension with in wave 3) which is called third-wave extension in Elliott Wave Theory.  

This corrective pullback of three-wave correction is trading at a potential support area of 15k level right into the Trend Line Support and 0.382 Fibonacci Retracement of Wave 3) from 13.3K to 15.8k   

And wave 4) completes a similar distance compared to wave 2). This will be an ideal area for a bullish move. DAX needs to rise above 15290 for the bullish confirmation. Once it is confirmed, we will see ATH in DAX 30.  

German DAX 4h Elliott Wave Analysis Chart