Stocks

DAX Slowed Down As ExpectedOct 20, 2023

DAX Slowed Down As Expected from technical point of view and from Elliott wave perspective.

This summer, we’ve been tracking a bearish pattern on DAX. In fact, we’ve been discussing the potential reversal in prices due to an ending diagonal pattern. We know that when patterns are completed, reversals can be sharp and fast, unfolding in at least three waves as illustrated in the daily chart from August 2023. 

DAX Slowed Down As Expected DAX Daily Chart From August 03
DAX Daily Chart From August 03

Now, looking at the current updated price action, we can see a three-wave drop already in progress, with prices currently in the late stages of wave C. This could find strong support around 14,637. Despite ongoing geopolitical issues and higher interest rates, there may be a relief rally in the final two months of the year.

DAX Slowed Down As Expected DAX Daily Chart From October 20
DAX Daily Chart From October 20

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