DAX short-term Elliott Wave view suggests that the rally from March 26.2018 low (11704) is unfolding as Impulse Elliott Wave structure. As an impulse, the internals of Minor degree wave 1, 3 & 5 should have subdivision of 5 waves impulse of lesser degree. In the case of DAX, Minute wave ((i)), ((iii)) & ((v)) are all impulsive.
Up from 11704, Minor wave 1 ended at 12047 and Minor wave 2 ended at 11771.5. Minor wave 3 is in progress where rally to 12168 ended Minute wave ((i)) of 3 in 5 waves structure. Minute wave ((ii)) of 3 ended at 11793 low. Then the rally to 12650 high ended Minute wave ((iii)) of 3 in 5 waves. Afterwards, pullback to 12322 low ended Minute wave ((iv)) of 3 as a Flat Elliottwave structure. Up from there, the rally is unfolding in another 5 waves structure in Minute wave ((v)) of 3 with lesser degree cycles showing 5 waves sub-division.
Near-term, the index has already reached the minimum target and swing to end Minor degree wave 3. However, while pullback stays above 12320.95 low, Index has scope to see a marginal push higher towards 13051.13-13274.61 area approximately. Afterwards, the index should pullback in Minor wave 4 in 3, 7 or 11 swings before further upside is seen. We don’t like selling the index.
DAX 1 Hour Elliott Wave Chart
