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DAX

16 Oct 2019 ‚óŹ 06:35 AM

The german Dax has rallied impulsively [5 waves up] in the short term on daily charts. Slowly the trend has changed from down to up after the 2017-2018 correction that ended in 3 waves shown on this chart as A-B-C. With that we need to reset the wave counts for new highs in wave 5 longer term. The channel around price allows us to project wave 5 up. Wave 5 is subdividing into 5 waves and we have completed I and II and wave III up probably started recently. The chart shows the monthly momentum which is back in buy mode as prices hold above the averages. The top end of the channel goes above 20k. and if you check the size of wave 3 on this chart it is exactly 161.8% of wave 1. So wave 3 is extended and wave 5 will mostly not extend. So 5=1 goes to 21000 odd. That is a lot of upside if it happens. Even if wave 5 is truncated it has to complete five waves up before it is done and so we are not done here yet.

dax 161019

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