DAX ended cycle from 9.28.2022 low in wave ((1)) at 15707.61 with internal subdivision as 5 waves. Index is now correcting that cycle within wave ((2)) in larger degree 3, 7, or 11 swing. Internal subdivision of wave ((2)) is unfolding as a zigzag Elliott Wave structure. A zigzag is an (A)-(B)-(C) structure where wave (A) and (C) both subdivide in 5 waves. Wave (A) of ((2)) is now in progress as 5 waves. Down from wave ((1)), wave ((i)) ended at 15524.85 and rally in wave ((ii)) ended at 15667.21. Index resumes lower in wave ((iii)) towards 14913.98, and wave ((iv)) ended at 15128.25. Final leg lower wave ((v)) ended at 14887.44 which completed wave 1.
Corrective rally in wave 2 has ended at 15272.11 and the Index resumes lower in wave 3 towards 14702.91. Wave 4 is proposed complete at 1488.06. Expect the Index to see a few more lows before ending wave 5 and this should complete wave (A) in larger degree. Afterwards, the Index should rally in wave (B) to correct cycle from 3.7.2023 high before it resumes lower again in wave (C) of ((2)). Near term, as far as pivot at 15707.6 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
DAX 60 Minutes Elliott Wave Chart
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