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DAX Short-Term Elliott Wave Analysis

DAX shows a 5 swing Elliott Wave bullish sequence from 8/29 low, suggesting further upside is likely. The rally from 8/29 low is unfolding as a double three Elliott Wave structure where Intermediate wave (W) ended at 13089 and Intermediate wave (X) ended at 12903. The rally from 12903 low appears to be unfolding as an impulse where Minute wave ((i)) ended at 13066, Minute wave ((ii)) ended at 12906.5, and Minute wave ((iii)) ended at 13249.5. Near term, while pullbacks stay above 12903 low, expect Index to extend higher. We don't like selling the Index.

DAX 1 Hour Elliott Wave Analysis