Elliott Wave Intraday on DAX Shows Incomplete Bullish Sequence
Short Term Elliott Wave in DAX suggests that the Index ended wave (4) pullback at 17626.54. From there, it rallies higher in wave (5) as a nesting impulse Elliott Wave structure. Up from wave (4), wave ((i)) ended at 18226.32 and dips in wave ((ii)) ended at 17795.96. The Index then nested higher within wave ((iii)). Up from wave ((ii)), wave (i) ended at 18235.80 and pullback in wave (ii) ended at 17875.98. Wave (iii) higher ended at 18845.86 and wave (iv) pullback is proposed complete at 18706.08.
Expect the Index to rally higher in wave (v) to complete wave ((iii)). Potential target for wave (v) is 123.6 – 161.8% external retracement of wave (iv). This area comes at 18877 – 18930. Afterwards, it should pullback in wave ((iv)) to correct cycle from 4.25.2024 low before another high again in wave ((v)) to end wave 1. Then it should do a larger degree correction in wave 2 to correct cycle from 4.19.2024 low before it resumes higher. Near term, as far as pivot at 17626.54 low stays intact, expect any pullback to find support in 3, 7, 11 swing for further upside.
Expect the Index to rally higher in wave (v) to complete wave ((iii)). Potential target for wave (v) is 123.6 – 161.8% external retracement of wave (iv). This area comes at 18877 – 18930. Afterwards, it should pullback in wave ((iv)) to correct cycle from 4.25.2024 low before another high again in wave ((v)) to end wave 1. Then it should do a larger degree correction in wave 2 to correct cycle from 4.19.2024 low before it resumes higher. Near term, as far as pivot at 17626.54 low stays intact, expect any pullback to find support in 3, 7, 11 swing for further upside.
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