DAX Looking To Do Double Correction

black android smartphone turned on screen

Image Source: Unsplash

Cycle from 10.23.20223 low in DAX is in progress as an impulse Ellliott Wave structure. Up from there, wave 1 ended at 17003.28 and wave 2 pullback ended at 16345.02. The Index rallied higher again in wave 3 towards 18567.16. Pullback in wave 4 is currently in progress as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 18275.94 and wave (b) ended at 18427.43. Wave (c) lower ended at 18088.03 which completed wave ((w)) in higher degree. Rally in wave ((x)) ended at 18326.37 and the Index has turned lower again.

Down from wave ((x)), wave (w) ended at 18058.22 and wave (x) ended at 18239.50. The Index turns lower again in wave (y). Expect the Index to extend lower to reach the extreme area from 4.2.2024 high towards 17550.24 – 17733.23. This should complete wave (y) of ((y)) of 4. Afterwards, Index should rally from the blue box in wave 5 higher or rally in 3 waves at least. Near term, while below 18328.11, Index may see further downside to the blue box area.

DAX 60 Minutes Elliott Wave Chart

DAX Elliott Wave Chart


DAX Elliott Wave Video

Video Length: 00:11:41


More By This Author:

S&P 500 E-Mini Still Needs Validation For The Next Leg Higher
EURUSD : Watch For Buying Opportunities
SPX E-Mini Elliott Wave: Another Buying Setup

Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.