DAX Remains In An Impulsive Bullish Cycle as anticipated, as we see strong rally that should be finished by five waves from Elliott wave perspective.
We have been talking a lot about bullish DAX in the past year or so, where we are tracking a five-wave bullish cycle of different degrees.
If we go back to March 5th, we were calling for wave III of (III) with space for more gains towards 18k area.
Later on April 19th we updated the daily chart after it reached important 200 Fibo. near 18500 target area for wave III, from where we saw a new decline. But, we pointed that it can be only wave IV correction within ongoing bullish trend.
As you can see today on May 8th, DAX has nicely stabilized and recovered, so seems like higher degree wave V of (III) is now in play, which can push the price even up to 19k area.
Become a premium member
Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.
Metals May Resume Their Uptrend. Check our article HERE.