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DAX Bearish Sequence Calling For More Downside

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DAX short-term Elliott wave view suggests that the decline to 11865.47 low ended intermediate wave (W). Up from there, the bounce to 12460.67 high ended intermediate wave (X). The internals of that bounce unfolded as a zigzag structure where Minor wave A ended at 12184.41 high in lesser degree 5 waves. A pullback to 12064.41 low ended Minor wave B in 3 swings. While a rally to 12460.67 ended Minor wave C in another 5 waves in lesser degree cycle & also completed intermediate wave (X) bounce.

Down from there, the index has made a new low below 9/11 low (11865.47) confirming the next extension lower taking place. The initial decline from 12460.67 high is unfolding in 5 waves impulse structure where Minute wave ((i)) ended at 12174.69 low. A bounce to 12348.86 high ended Minute wave ((ii)). Then a decline to 11803.19 low ended Minute wave ((iii)). Minute wave ((iv)) bounce ended at 11998.64 high.

Currently, Minute wave ((v)) remain in progress looking to extend lower 1 more time towards11594.07-11498.45 0.618-0.764% Fibonacci extension area of a Minute wave ((i)) + ((iii)) to complete Minor wave A of a possible zigzag structure. Afterwards, the index is expected to do a Minor wave B bounce in 3, 7 or 11 swings before further downside is seen. We expect sellers to appear in 3, 7 or 11 swings against 12460.67 high.

DAX 1 Hour Elliott Wave Chart

DAX Bearish Sequence Calling For More DownsideDAX Bearish Sequence Calling For More Downside

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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