Good afternoon traders! Let’s start the US sessions with German dax and its intra-day pattern.
On German dax, we see price trading at the end of a corrective wave four. This corrective wave looks more and more like a triangle correction. A triangle correction is an Elliott wave pattern, that unfolds prior to the final wave, meaning once fully unfolded a new and final push into the direction of the trend may follow. In our case this is to the upside. That said, a triangle pattern consist out of five waves and usually each of them have three minor legs. Once the upper swing high of sub-wave b at 12996 level gets breached, that is when corrective wave 4 will be acknowledged as completed and more upside will be in store for the DAX.
German DAX, 1H
