DAX Is Trading In A Five-Wave Bullish Impulse

23 Kas 2022

DAX is in sharp and impulsive recovery away from the lows, breaking important daily trendline, which can be easily an indication for more gains, especially if we take a look in the 4-hour chart, where we see an unfinished five-wave cycle from Elliott wave perspective.

Looking at the 4-hour chart, we see DAX trading in the middle of wave 3 of a five-wave bullish cycle, so we will have to be aware of more upside, but ideally after 4th corrective pullbacks.

Currently we can see it finishing an extended subwave 5 of (3) of 3, so after a pullback in wave (4) with support around 14100 - 14000 area, watch out for a bullish resumption within wave (5) of 3.

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