DAX Short Term Elliott Wave view suggests that pullback to 12731.46 ended Intermediate wave (X). Up from there, rally is unfolding as a 5 waves impulsive Elliott Wave structure where Minutte wave (i) ended at 12943, Minutte wave (ii) ended at 12881.5, Minutte wave (iii) ended at 13408.5, and Minutte wave (iv) is proposed complete at 13328.5. Short term, while above 13228.5, Index has scope to extend another leg higher in Minutte wave (v) before ending 5 waves up from 1/2 low (12731.46).
Minute wave ((a)) of a larger degree should end after Minutte wave (v) higher is complete. Index should then pullback in Minute wave ((b)) to correct cycle from 1/2 low before the rally resumes. Chasing the Index higher in the short term is risky, but we don’t like selling the Index either. We expect buyers to appear after Minute wave ((b)) pullback is complete in 3, 7, or 11 swing for an extension higher, provided that pivot at 1/2 low (12731.46) stays intact.
DAX 1 Hour Elliott Wave Chart