$DAX Short-term Elliott Wave Analysis 7.5.2016

Short term Elliottwave structure suggests Index ended wave X bounce at 10340. Decline from there is unfolding as a double correction where wave (W) ended at 9226.15 and wave (X) bounce is currently in progress as a Flat structure and has scope to extend 1 more leg higher towards as high as 10000 before Index resumes the decline. As far as 10340 pivot stays intact during wave (X) bounce, we favor the Index to resume lower or at least pullback in 3 waves to correct rally from 6/24 low.

$DAX 6020160704210656

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