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DAX holds above key level, wave count points to further upside
The analysis targets 26,702 for red wave 5, while maintaining bullish bias as long as the index stays above 24,651.
Action Forex said the DAX is continuing to follow a bullish Elliott Wave path after completing red wave 4 at 24,651.
The outlet reported the uptrend has resumed after the index broke above the red wave 3 peak at 25,900, with the rally from the 21,863 low unfolding as a five-wave impulsive structure.
On its 60-minute Elliott Wave chart, Action Forex described wave 5 as developing through a bullish nest structure and advancing in the next-degree wave (iii), with a potential wave (iv) pullback expected once (iii) finishes.
Based on its count, the outlet expects the move to extend toward 26,702 as the initial upside target for red wave 5, while noting price could overshoot if bullish momentum accelerates.
Latest closeDAX 26,001.31 ▲1.4%