DAX Short-term Elliott Wave Analysis 7.8.2016

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 ended at 9808.77. Near term wave ((w)) is proposed complete at 9310, and wave ((x)) bounce is in progress to correct the decline from 9808.77 in 3, 7, or 11 swing before Index resumes lower again. As far as 9808.77 pivot stays intact during wave ((x)) bounce, we favor the Index to continue lower. We don’t like buying the proposed wave ((x)) bounce.

$DAX 6020160707220825

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