$DAX Short-term Elliott Wave Analysis 11.19.2014

DAX Index is showing 5 swings up from ((X)) low at 8904 (10.30.2014)  which is an incomplete sequence so we expect the Index to do a pull back in 6th swing & make another push higher to complete 7 swings to end a 7 swing cycle from 8904 low. Wave ( W) ended at 9469 and wave ( X ) at 9160 which was the 4th swing. Wave “W” has tested the typical 0.618 – 0.764 ext area of (W)-(X) and a pull back in wave “X” is now expected before Index resumes the rally. Ideal area for wave “X” to complete would be 50 – 61.8 fib (9342 – 9302) but bear in mind not always the ideal area would be reached. We don’t like selling the Index & expect to see buyers appearing after 3, 7 or 11 swings as far as short-term pivot at 9160 low remains intact. If that gives up, it would then be bullish against 8904 pivot. Target for next swing higher is in the area  of 9700.

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