Dax provided very good buying opportunity at the extreme area
|In this technical blog, we will look at the past performance of the Elliott Wave Charts of the DAX index. We presented to members at the elliottwave-forecast. In which, the rally from the 23 October 2023 low ended as an impulse structure. But showed a higher high sequence within the higher time frame charts favored more upside extension to take place. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Dax four-hour chart from 8.06.2024 update
Here’s the 4-hour Elliott wave chart from the 8.06.2024 update. In which, the cycle from the 10/23/2023 low ended as an impulse structure at 18892.92 high. Down from there, the index made a pullback to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at 17951.17 low. While wave (X) bounce ended at 18779.40 high. Then wave (Y) managed to reach the extreme equal legs area at 17596.93- 16946.53. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
Dax latest four-hour chart from 9.23.2024 update
This is the latest 4-hour Elliott wave Chart from the 9.23.2024 update. In which the index shows a reaction higher taking place, right after ending the correction within the extreme area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then, index has already made a new high above 18892.92 high confirming the next extension higher.
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