Looking at the 4-hour chart of DAX, we can see a strong rebound in the last two months back to new ATH, but bulls can be losing some strength up here as we see price turning back down to 19k area, where overlap with black wave I put wedge shape in action. We are talking about ending diagonal, with wave IV retracement back to around 18850/18900 support, from where we may see a final push higher. Move beyond 19236 bullish level makes room for 19600, for fifth of a fifth.
Break below 18686 level will suggest that DAX is headed lower, at least temporarily.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended content
Editors’ Picks
GBP/USD keeps range around 1.3050 after UK data
GBP/USD is keeping its range at around 1.3050 in the European morning on Friday, a little impressed by the UK GDP and the industrial growth in August. Traders now look to the US PPI data for short-term impetus, as the US Dollar consolidates weekly gains.
EUR/USD struggles below 1.0950, awaits US PPI data
EUR/USD remains on the defensive below 1.0950 in the early European session on Friday. The hotter-than-expected US CPI inflation reading on Thursday provided some support to the Greenback, capping the pair's upside. US PPI inflation data is next in focus.
Gold price remains below $2,650 amid modest USD uptick, look to US PPI for fresh impetus
Gold price attracts some follow-through buying for the second straight day on Friday and recovers further from a nearly three-week low, around the $2,602 area touched the previous day.
Bitcoin finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.