We talked about DAX on May 22, where we mentioned and highlighted that it’s still eyeing new all-time highs for a higher degre wave V on a daily chart. CLICK HERE
DAX is slowing down and attempting to break the support line of the impulsive channel from the March swing lows, suggesting a transition into a higher-degree correction. The current decline may be forming a leading diagonal within wave (A), with potential for a short-term wave (B) recovery before a further wave (C) move lower. Downside targets include the prior wave four support around 23,600, with a deeper extension toward the 23,170–23,000 gap zone, which could attract price before a potential larger rebound develops.
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