Hi Traders,
The DAX might carry on with his correction till the area 10,853-10,759 before resuming the uptrend to break through the 13,000 ceiling.
TARGETS
likely: 10,853-10,759
ELLIOTT WAVES
The weekly chart shows that the DAX index is on the way to complete the 5th major wave. However, the daily chart indicates that the German Index hasn't even finished with wave 3 (out of 5).
At present we still need to perform wave 4 down and subsequently start wave 5 up just to make wave 3 in blue.
The 4-hour chart reveals that we are currently completing wave 4 of 5.
The 1-hour chart has almost completed 5 minor waves and also suggests that to reach the target at 10,853-10,759 the DAX will probably need a 5-3-5 formation.
It might take till September/November to complete all the waves up required by the weekly chart.
weekly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge
The DAX might carry on with his correction till the area 10,853-10,759 before resuming the uptrend to break through the 13,000 ceiling.
TARGETS
likely: 10,853-10,759
ELLIOTT WAVES
The weekly chart shows that the DAX index is on the way to complete the 5th major wave. However, the daily chart indicates that the German Index hasn't even finished with wave 3 (out of 5).
At present we still need to perform wave 4 down and subsequently start wave 5 up just to make wave 3 in blue.
The 4-hour chart reveals that we are currently completing wave 4 of 5.
The 1-hour chart has almost completed 5 minor waves and also suggests that to reach the target at 10,853-10,759 the DAX will probably need a 5-3-5 formation.
It might take till September/November to complete all the waves up required by the weekly chart.
weekly chart - click to enlarge
daily chart - click to enlarge
4-hour chart - click to enlarge
1-hour chart - click to enlarge
