Stocks

DAX Remains In An Impulsive Bullish Cycle As AnticipatedMay 8, 2024

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.

DAX Remains In An Impulsive Bullish Cycle As Anticipated DAX Daily Chart From March 05
DAX Daily Chart From March 05

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.

DAX Remains In An Impulsive Bullish Cycle As Anticipated DAX Daily Chart From April 19
DAX Daily Chart From April 19

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.

DAX Remains In An Impulsive Bullish Cycle As Anticipated DAX Daily Chart From May 08
DAX Daily Chart From May 08

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