The rally in $DAX from March 16 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from 3.16.2020 low, wave (1) ended at 9145.93 and pullback in wave (2) ended at 8257.53. Wave (3) shows an extension and the rally ended at 10820.17 as the chart below shows. Up from wave (2), wave 1 ended at 9201.07, wave 2 ended at 8480.28, wave 3 ended at 10137.62, wave 4 ended at 9337.02, and wave 5 pf (3) ended at 10820.17.
Index then pullback in wave (4) which ended at 10257.27. Wave (5) is currently in progress as another 5 waves impulse. Up from wave (4), wave 1 ended at 10608.39, and wave 2 pullback ended at 10299.31. Index resumes higher in wave 3 towards 10897.82, and wave 4 pullback is proposed complete at 10721.42.
Near term, while dips stay above 10264.68, expect Index to extend 1 more leg higher in wave 5 of (5) towards 10959.71 – 11178.42. This should also complete wave ((1)) in larger degree and end cycle from March 16 low. Afterwards, Index should pullback in wave ((2)) to correct cycle from March 16 in 3, 7, or 11 swing before turning higher again.
DAX 30 Minutes Elliott Wave Chart
