Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of DAX index published in members area of the Elliottwave-Forecast . As our members know, DAX has been giving us a lot of good trading opportunities recently. The index is showing bullish sequences in the cycle from the March 2020 low. So DAX remains bullish against the 13314.6 pivot. Recently we got short term pull back that has given us opportunity to enter long trades again. In further text we’re going to explain the forecast and trading strategy.
DAX 1 Hour Elliott Wave Analysis 3.24.2021
DAX completed5 waves in the short term cycle from the 13669.4 low, and now correcting it. Wave 4 red pull back looks incomplete at the moment. Current view suggests pull back can be still unfolding as Elliott Wave Zig Zag pattern. As far as the price stays below last short term high – ((b)) black, we can get more downside in ((c)) leg toward 14443.09-14279.5 area. At that zone we would like to be buyers , looking for further rally toward new highs ideally. We don’t recommend selling the index in proposed leg down. As the main trend is bullish, we should get 3 wave bounce at least from the Blue Box buyers zone. Invalidation level for the trade would be break below 1.6148 fib extension (14279.5)
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
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DAX 1 Hour Elliott Wave Analysis 3.29.2021
DAX made extension down and found buyers at 14443.09-14279.5 area , as we expected. We got nice rally from the buying zone, when the price break above previous peak. Break above 3 red peak suggests next leg up is in progress. The index is now bullish against the 14426.14 low in first degree.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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