Dax is bullish since the end of March when the index turned up into a higher degree wave three. Wave three is an impulsive wave, meaning it subdivides into five smaller waves before this move can be finished.

We may see leg three completed after another push up towards 12400/12500 region that may occur in the near future with a break out of a small fourth wave consolidation. But after that, be aware of a higher degree blue wave 4 setback.

German DAX, 4h

(Click on image to enlarge)