DAX shows a lower low sequence from November 2021 peak and thus the 4 hour cycle is still calling for further downside. Near term though, the Index ended cycle from 3/29/2022 peak in wave (1) at 12390.95. Internal subdivision of wave (1) unfolded as a . Down from 3/29/2022 peak, wave 1 ended at 13380.67 and rally in wave 2 ended at 14709.38. Index extended lower in wave 3 towards 13007.91, and rally in wave 4 ended at 13443.77. Final leg lower wave 5 ended at 12390.95 and this completed wave (1) in higher degree.

Wave (2) rally is in progress with subdivision as a double three Elliott Wave structure. Up from wave (1), wave ((a)) ended at 13019.13, and pullback in wave ((b)) ended at 12434.29. Expect the Index to complete wave ((c)) soon at 13064.48 – 13452.97 area and this should complete wave W. Index should then pullback in wave X to correct cycle from 7/5/2022 low in 3, 7, or 11 swing before turning higher in wave Y of (2). Near term, as far as pivot at 12392.38 low stays intact, Index has scope to extend wave (2) rally to correct cycle from 3/29/2022 peak as 7 swing structure before the decline resumes.

DAX 45 Minutes Elliott Wave Chart

DAX Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-dax-rally-corrective/

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