❗️ DAX30 Completes Wave-2 at 61.8% Fib Support ​❗️

2 min read

Hi traders,

The German index DAX30 seems to have completed 5 bullish waves and 3 bearish waves, which seems to fit within a potential wave 1-2 (purple) pattern. This could indicate the start of a potential bullish wave 3 (purple) soon.

DAX30

4 hour


DAX needs to break above the resistance trend line (orange) before a bullish wave 3 (purple) impulse can be confirmed. A break below the bottom (blue box) would invalidate the wave 2 (purple) pattern. For the moment, price seems to be bouncing at the 61.8% Fibonacci retracement level of wave 2 vs 1.

Day


The DAX index is still in the triangle pattern, although the wave E of a larger wave 4 could already have been completed at the recent low. A break above the resistance trend lines is needed to confirm the end of the triangle pattern.

Week


The DAX index seems to be in a wave 4-5 pattern. The target of the wave 5 is the resistance trend line (red).

Good trading,
Chris Svorcik
Elite CurrenSea

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