Elliott Wave Analysis: German DAX In A Possible New Bullish Uptrend
Gregor Horvat | Aug 24, 2016 05:57AM ET
German DAX has been trading south for the last year or so but it might have been only a temporary decline if we consider that structure is pointing up because of overlapping decline from 12424 to 8690 low, labeled as an A-B-C correction. That said, traders should be aware of even higher prices ahead as DAX recently completed a three wave set-back in blue sub-wave 2 and later broke above the upper corrective channel line which could now open the door for more gains in weeks to come.
That said at the moment we see price trading higher around the 10560 mark in red wave 1) which could be near completion, meaning that a minor three wave movement may follow down into red wave 2), before uptrend resumes.
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