DAX is in a corrective phase, as we see it slowing down within a three-wave A-B-C pullback from Elliott wave perspective.
DAX has been trading higher since October 2022 but five waves up from that low suggest that bulls can be in late stages of the current impulsive cycle. In fact, the price turned south recently and broke the daily trendline support which looks like a step into an A-B-C corrective phase. Plus, we see an intraday impulsive sell-off on 4h time frame that is first leg A, so clearly we should be aware of further weakness for wave C after wave B rally that can once again retest and stops at 15150-15277 resistance.
Check also our latest webinar from Monday March 20 2023.
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