Deutsche Bank is a German multinational investment bank and financial services provider. It is one of the nine bulge bracket banks. Deutsche Bank is the largest German banking institution and is a part of the DAX-40 index. Founded 1869 and headquartered in Frankfurt, Germany, it can be traded under tickers $DBK at Frankfurt and $DB at New York Exchange. After printing the all-time highs in May 2007 at 86.23, the stock price has lost more than 95% by March 2020. In the , we saw Deutsche Bank turning higher. We were right. Now, we see nesting price action. Soon, acceleration higher should take place. In the current article, we explain the wave structure of $DBK and the targets.
Deutsche Bank Monthly Elliott Wave Analysis 01.19.2024
The monthly chart below shows the Deutsche Bank stock $DBK traded at XETRA in Frankfurt. From the lows, the stock price has developed a cycle higher in wave ((I)) of a grand super cycle degree. It has ended at 76.87 in January 2001. From there, a correction lower in wave ((II)) has developed an Elliott wave pattern. Hereby, expanded flats are 3-3-5 structures which do a new high in price. First, from January 2001 highs, a first leg lower has ended in 3 swings at 23.99 in March 2003. Then, second leg higher in 3 swings has printed the all-time highs at 86.23 in May 2007. Finally, the last leg lower shows an which is an Elliott Wave 3-3-3-3-3 structure.
Hence, Deutsche Bank may have ended correction in wave ((II)) in March 2020 at 4.45 lows. While above, a new cycle in black wave ((III)) is in the first stages and should reach towards the new all-time highs. The target for wave ((III)) will be 81.41-128.93 area and even higher.
Deutsche Bank Daily Elliott Wave Analysis 01.19.2024
The daily chart below shows the nesting price action in black waves ((1))-((2)) and blue waves (1)-(2) of black wave ((3)) of red wave I from the March 2020 lows. Firstly, a leading diagonal in black wave ((1)) has ended in February 2022 at €14.64. Within it, the structure is 3-3-3-3-3 pattern. Secondly, a pullback in black wave ((2)) has set a bottom in October 2022 at €7.25 lows. From the lows, new cycle in black wave ((3)) might have started. Break of the February 2022 highs will confirm that. The target will be 17.45-23.76 area and even higher.
In shorter cycles, initial nest in blue waves (1)-(2) of black wave ((3)) has ended in March 2023 at €7.95 lows. While above there, blue wave (3) of black wave ((3)) is in progress. The target is 13.05-16.20 area and beyond. Investors and traders can be waiting for red wave 1 to end first. Then, they can buy the red wave 2 pullback in 3, 7 swings against March 2023 lows for an acceleration higher in red wave 3 of blue wave (3) of black wave ((3)).
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Source:-forecast.com/stock-market/deutsche-bank-heading-acceleration/
