DAX into another wave up

posted by genuinelyFX at 07/12/2015 - 20:06 GMT

Bigger picture here. Pitchforks and percentages on a monthly chart. Nice support and resistance areas.

From the Dec.07 top we retraced 50% and then we advanced to 50% from the top. From the current bottom we could see another 25% increase in price towards 13000-13500.

DAX monthly data


On a weekly basis, we see some good angles holding up. Squaring the low also gave us some targets.

We are currently bouncing from an angle drawn from the recent low. Uptrend intact.

DAX weekly data

From an Elliott perspective, we still have waves to climb. Although, this is a fifth, we could see some messed up waves overlapping and confusing. Still a target above 13.000.

DAX weekly data


The actual low was in June 2012. Pretty sweet.

DAX daily data


The count might be complete. The advance should continue, current resistance at 11600.

DAX 2h data