DAX Short Term Elliottwave: Extension Higher Is Expected

Published 01/04/2017, 01:42 AM
Updated 03/09/2019, 08:30 AM
DE40
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The rally in DAX from 11/9/2016 is unfolding as a triple three where wave (W) ended at 10798, wave (X) ended at 10400, wave (Y) ended at 11487, and second wave (X) ended at 11403. With a break above wave (Y) at 11487, DAX is showing 9 swings up from 11/9/2016 low, which favors more upside. Up from 11403, wave ((w)) ended at 11649.5, and wave ((x)) pullback is in progress to correct cycle from 12/30 (11403) low before Index turns higher again. We don’t like selling the proposed pullback and expect buyers to come once wave ((x)) pullback is complete in 3, 7, or 11 swing as far as pivot at 11403.8 stays intact.
DAX Hour Chart

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