Short-term Elliott wave view in DAX suggests that the cycle from 19 July 2021 low is unfolding in an impulse sequence favoring more upside extension to happen. Up from that low, the index has ended the first leg in wave 1 at 15681.41 high. Then wave 2 pullback unfolded as a flat structure where wave ((a)) ended at 15423.56 low. Wave ((b)) bounce ended at 15659.22 high and wave ((c)) ended at 15442.63 low, thus completed the wave 2 pullback.
Above from there, wave 3 remains in progress in lesser degree 5 waves structure where wave ((i)) ended at 15702.89. Wave ((ii)) pullback ended at 15492.58 low and wave ((iii)) remains in progress with another lesser degree 5 wave advance. Whereas wave (i) ended at 15694.67 high & wave (ii) ended at 15600.80 low. Near-term, as far as dips remain above 15699.27 low and more importantly above 15442.63 low then DAX is expected to extend higher in lesser degree wave (iii) approximately towards 16014.14- 16088.64 area higher before entering into a wave (iv) pullback. We don’t recommend selling and expect dips to find support in 3, 7, or 11 swings for further upside.
Above from there, wave 3 remains in progress in lesser degree 5 waves structure where wave ((i)) ended at 15702.89. Wave ((ii)) pullback ended at 15492.58 low and wave ((iii)) remains in progress with another lesser degree 5 wave advance. Whereas wave (i) ended at 15694.67 high & wave (ii) ended at 15600.80 low. Near-term, as far as dips remain above 15699.27 low and more importantly above 15442.63 low then DAX is expected to extend higher in lesser degree wave (iii) approximately towards 16014.14- 16088.64 area higher before entering into a wave (iv) pullback. We don’t recommend selling and expect dips to find support in 3, 7, or 11 swings for further upside.
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