❗️ DAX30 Bullish Reversal Close to Building 5-Wave Pattern ​❗️

2 min read

Hi traders,

The German index DAX30 bounced at the previous bottom which keeps the potential triangle chart pattern intact. A bullish breakout is needed before a larger uptrend can be confirmed.

DAX30

4 hour


DAX could be building a 5-wave pattern if price makes a new high. This could complete a bullish wave 1 (purple) and indicates a likely start of the uptrend.

Day


The DAX index is probably completing a wave E of a larger wave 4. A break above the resistance trend lines will make this scenario more likely whereas a break below the support (blue) could indicate a change of the expected wave patterns

Week


The DAX index could be completing a wave 4-5 within a larger rising wedge pattern, which means that the main target for the wave 5 is the higher resistance trend line.

Good trading,
Chris Svorcik
Elite CurrenSea

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