DAX

Dax index is in wave (3) which is witnessing subdivisions. Within wave (3), wave III is shorter than wave I which means wave V should be shorter than wave III. That said, a short-term bottom is possibly formed in the Dax index as it has posted a positive weekly close at the 40WEMA. In addition to this, the daily momentum indicator has given a bullish crossover. On the way down, the recent low of 14818 will be a crucial support level to watch out for.