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DAX Short-Term Elliott Wave Analysis

Preferred Elliott Wave view suggests rally to 11455 completed wave ((w)) and dip to 11186 completed wave ((x)) as a FLAT correction. Index has hit the minimum upside target at 12048 but has not yet hit 100% ext of (w)-(x) so while above 11744 low, another push higher toward 12413 - 12568 area is expected to complete a cycle from 11186 low. After that we expect the Index to pull back in 3 waves but the trend is still up so we are not interested in selling the Index. Best reading of the cycles suggests that the pull back would turn out to be another wave ((x)) finding buyers in 3, 7 or 11 swings. It should then result in further upside provided pivot at 11186 low remains intact during the pull back. If pivot at 11186 low gives up during the pull back, that would suggest Index has ended a cycle from 2/10 low at least.

DAX Short-Term Elliott Wave Analysis Chart
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