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Elliott Wave View: Further Strength in DAX Short Term

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Elliott wave view in DAX calls the pullback to 11625.31 as ending wave (W). This move lower ended the decline from May 3 high. The Index thus is within wave (X) rally to correct the cycle from May 3 high (12435.67) before the it resumes lower again. On the chart below, we can see the rally from June 3 low (11625.31) is unfolding as animpulse Elliott Wave structure. Up from 11625.31, Wave (i) ended at 11744.93, wave (ii) ended at 11689.51, and wave (iii) remains in progress. Wave (iii) subdivides as another impulse Elliott Wave structure in lesser degree.

Expect the Index to see 1 more high before ending wave ((a)) as 5 waves. It should then pullback in wave ((b)) to correct the cycle from June 3 low in 3, 7, or 11 swing before turning higher. As the first leg of the rally from June 3 low is in 5 waves, theres a good chance that the rally can extend at least another leg higher in wave ((c)) as far as pivot at 11625.31 low remains intact during the pullback. We dont like selling the Index.

DAX 1 Hour Elliott Wave Chart


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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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