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.
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.
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10Y US Notes is looking for a bigger recovery. Check our blog HERE.