DAX!! you "Makes Me Feel Better"
DAX through the eyes of my Elliott Wave optics
I see DAX having it's Super Cycle wave 4 low at the Dotcom crisis in 2003 and SC 5 starts from there.
From there it has marched on and didn't - like the US indices - make a new low in 2009.
I see the low there as major wave 2 low.
Dax is topping out now making only its 3rd major wave up.
Why only 3rd and not the 5th?
The 3rd wave is the strongest wave in the EW theory which also brings about the highest peak on the 2 oscillators at the bottom of the chart.
At the same time Price action making a move outside the Regression channel. Very bullish.
There will be a major wave 4 correction. The 4th wave we "normally" find back to wave 4 of lesser degree.
So I see major wave 4 finding support at midt line of the channel and at structural support area.
(I do though used a regression channel instead of drowning trendlines. It's uncommon, but I have seen good result using it)
What "makes me feel better" is the surprising possibility of having a couple of more years before a nasty downturn will arrive.
That makes me wonder if the US indices also have this...???? Hmmm. have to look into it and see the trade from both sides...but could be possible too if only major wave 3 is ending "now"
DAX could top out as late as 2020-something... around the fib confluence handles at 14,000ish..didn't see that coming... :)
But bearish now here on the monthly chart due to top in wave major 3
Fear not ...believe in what you see and trade it.
BLawrenceM
Music at work:
youtube.com/watch?v=626fsEM1Cts
open.spotify.com/track/22lRqnw0c2eZn3GR7vBzvI
I see DAX having it's Super Cycle wave 4 low at the Dotcom crisis in 2003 and SC 5 starts from there.
From there it has marched on and didn't - like the US indices - make a new low in 2009.
I see the low there as major wave 2 low.
Dax is topping out now making only its 3rd major wave up.
Why only 3rd and not the 5th?
The 3rd wave is the strongest wave in the EW theory which also brings about the highest peak on the 2 oscillators at the bottom of the chart.
At the same time Price action making a move outside the Regression channel. Very bullish.
There will be a major wave 4 correction. The 4th wave we "normally" find back to wave 4 of lesser degree.
So I see major wave 4 finding support at midt line of the channel and at structural support area.
(I do though used a regression channel instead of drowning trendlines. It's uncommon, but I have seen good result using it)
What "makes me feel better" is the surprising possibility of having a couple of more years before a nasty downturn will arrive.
That makes me wonder if the US indices also have this...???? Hmmm. have to look into it and see the trade from both sides...but could be possible too if only major wave 3 is ending "now"
DAX could top out as late as 2020-something... around the fib confluence handles at 14,000ish..didn't see that coming... :)
But bearish now here on the monthly chart due to top in wave major 3
Fear not ...believe in what you see and trade it.
BLawrenceM
Music at work:
youtube.com/watch?v=626fsEM1Cts
open.spotify.com/track/22lRqnw0c2eZn3GR7vBzvI
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Instagram: instagram.com/CoinedByCrypto
Twitter: twitter.com/CoinedByCrypto
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