Elliott Wave View: DAX Bullish Sequence Remains Incomplete

Short term Elliott Wave chart in DAX suggests the decline to 14816.35 ended wave 4. Internal subdivision of wave 4 unfolded as a double three Elliott Wave structure. Wave ((w)) of 4 ended at 14845.27, bounce in wave ((x)) ended at 15419.43, and final leg lower wave ((y)) of 4 ended at 14816.35. Index has resumed higher in wave 5 and broken above previous wave 3 peak on 4.19.2021 at 15501.84.

Up from wave 4, wave (i) ended at 14928.20, and pullback in wave (ii) ended at 14884.90. Index then resumed higher in wave (iii) towards 15482.23, wave (iv) ended at 15353.66. Final leg higher wave (v) of ((i)) completed at 15538.01. Index then pullback in wave ((ii)) which ended at 14961.27 with internal as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 15128.37, wave (b) ended at 15234.37, and wave (c) ended at 14961.27.

Wave ((iii)) is currently in progress as 5 waves in lesser degree. Up from wave ((ii)), wave (i) ended at 15568.32. Expect wave (ii) pullback to correct cycle from May 19 low before the rally resumes. As far as pivot at 14816.35 low stays intact, dips should find support in 3, 7, or 11 swing for further upside.