Stocks

DAX Is Extending Higher As ExpectedJan 31, 2024

DAX Is Extending Higher As Expected, as we warned about a correction within uptrend by Elliott wave theory.

DAX is in strong bullish impulse since October 2023, where we are tracking a five-wave bullish cycle from Elliott wave perspective.

DAX has seen some pullback recently, but it was (A)-(B)-(C) correction in wave 4 with the 16300 support area, from where we expected a bullish resumption for wave 5 as mentioned and highlighted on January 17th.

DAX Is Extending Higher As Expected DAX 4H Chart From January 17
DAX 4H Chart From January 17

As you can see today, after 2 weeks, it’s nice and clean impulsive recovery from that support area and back to new highs, so wave 5 is in progress, thus be aware of more gains up to 17200-17400, especially because of broken corrective channel.

DAX Is Extending Higher As Expected DAX 4H Chart From January 31
DAX 4H Chart From January 31

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