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Elliott Wave View: DAX Resumes Higher

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DAX shows an incomplete Elliott Wave sequence from December 27, 2018 low favoring further upside. The rally from August 15, 2019 low (11266.48) is unfolding asan impulse Elliott Wave structurewhere wave 1 ended at 12814.49 and wave 2 pullback ended at 12607.06. Wave 3 remains in progress and the internal subdivides in 5 waves of lesser degree. Up from 12607.06, wave ((i)) ended at 12986.49 and wave ((ii)) pullback ended at 12795.09. The Index has resumed higher again in wave ((iii)) towards 13308.26 and wave ((iv)) pullback is proposed complete at 13137.88. Expect Index to extend higher 1 more time to end wave ((v)) of 3, then it should pullback in wave 4 to correct cycle from October 18 low before the rally resumes again in wave 5.

Near term, while dips stay above 12607.06, expect the Index to extend higher. We dont like selling the Index and expect buyers to appear in any dip in the sequence of 3, 7, or 11 swing for more upside. Possible target higher is 100% Fibonacci extension from December 2018 low which comes at 13660 14221. The Index still needs to break above wave ((iii)) at 13308.26 to avoid a double correction. If the Index instead turns lower and breaks below 13137.88, then the Index is doing a double zigzag. In this case, it will still find support after it ends a 7 swing pullback

DAX 1 Hour Elliott Wave Chart

DAX 19 Nov

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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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