Preferred Elliott Wave view suggests rally to 12240 completed wave (( y )) and dip to 11975 completed blue wave ( w ) as a correction. Index has hit hit 100% ext of ((w)) to complete black ((y), and we view the DAX in a corrective ((x)) wave now lower. After that we expect the Index to pull back in 3 waves but the trend is still up so we are not interested in selling the Index. Best reading of the cycles suggests that the pull back would turn out to be another wave ((x)) finding buyers in 3, 7 or 11 swings. It should then result in further upside provided pivot at 11190 low remains intact during the pull back. If pivot at 11190 low gives up during the pull back, that would suggest Index has ended a cycle from 2/10 low least.
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