Dax is trading in fifth wave, Elliott Wave analysis

Gregor Horvat Wavetraders

We talked about DAX already back in August, when we spotted a perfect textbook pattern and support for wave (IV), from where we can now see DAX already back to highs for wave (V) with space up to 19500 - 20000 area. CLICK HERE

Looking at the 4-hour chart, we can see a strong rebound that looks like an impulse but there can be more gains coming after the current reversal which should then be wave four, now at 18300-18200 support we talked about it last week. So, still watch out on a bullish resumption within 5th wave towards 19500 - 20000 area, especially if breaks back above 19k area. Just in case if DAX faces more weakness decisively below 18k area, then wave 5 can be alternatively in place.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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