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DAX Short Term Elliott Wave: Another Extension Higher is Expected

DAX has continued to make a new high at the start of the 2017. The Index is currently showing a 5 swing sequence from 12/12 low, which favors more upside. The rally from 12/12 low (11141) is now unfolding as a double three where wave (w) ended at 11483 and wave (x) ended at 11403. Internal structure of wave (y) is unfolding as a double three structure where wave w ended at 11622.5 and wave x pullback is in progress to correct from 12/30 low (11403) before DAX resumes rally higher again. We don't like selling the proposed pullback and expect buyers to appear once wave x pullback is over in 3, 7, or 11 swing as far as pivot at 12/30 low (11403.8) stays intact.

DAX Short-Term Elliott Wave Analysis Chart
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