DAX-GER30 – Bullish Retracement - Minor C
Diupdate
DAX-GER30 topped exactly at our expected 12950.00 Levels back in May, finalizing Primary 3 (blue), as per our previously posted Bearish Correction for “GER30-DAX – SELL Set-Ups – Stock Exchange Crash”.
In our opinion, the entire 1000 units move down would reflect the 1st leg of the entire Corrective Structure, which would mean that a Pull-Back could take place in order for the 3rd leg to continue further down.
DAX-GER30 bounced off the 12000.00 Levels which we mentioned in our Bullish view for the “GER30-DAX – SELL Set-Ups – Stock Exchange Crash” post.
However, in our view, the structure became clearer because the Correction would need to subdivide into Intermediate degrees in order to have a ‘’clean look’’.
Our Elliott Wave Cycles Analysis points us, chronologically, to the following Levels:
1. 12550.00
2. 11600.00
3. 13300.00
4. Market Crash
Let’s see why!
As the Down-Trend unfolded, by labelling our Wave Count we noticed that there is a valid possibility for DAX-GER30 to have another Bullish Swing towards 12550.00 Levels.
The explanation is quite simple: just as Impulses subdivided previously into Cycle/Primary/Intermediate/Minor/Minutes/Minuettes so does the Corrective Structure.
The 20th June – 11th Aug Down-Trend, as per the current Wave Count, appears to complete the Intermediate (A) (purple) and there is a considerable chance that Price Action could unfold on the up-side with a Bullish Swing towards Intermediate (B) (purple).
Wave Analysis:
• Intermediate (A) (purple) unfolded as a 3-3-5 Sequence in Minors ABC (red) which would require a Retracement on the up-side for Intermediate (B) (purple).
• 11th Aug low was followed by a 5 Swings Sequence in minor A (pink) which leads a Wave Trader to think that there could a continuation, with another 5 Swings on the up-side for Minor C (pink).
• Corrective Minor B (pink) reversed from the 61.8% Fibonacci Retracements of Minor A (pink), which is also an Inverted Head & Shoulders Pattern.
DAX-GER30 – Minor C – BUY Position:
• Entry Level – 12070.00 (or 12030.00 if Conservative)
• SL – 11920.00
• TP – 12320.00 & 12550.00
Safety Measures:
• When in the green, moving SL to break-even or in profit.
• If Conservative, waiting for Inverted H&H Support reaction and getting Bullish Divergence confirmation.
Many pips ahead!
In our opinion, the entire 1000 units move down would reflect the 1st leg of the entire Corrective Structure, which would mean that a Pull-Back could take place in order for the 3rd leg to continue further down.
DAX-GER30 bounced off the 12000.00 Levels which we mentioned in our Bullish view for the “GER30-DAX – SELL Set-Ups – Stock Exchange Crash” post.
However, in our view, the structure became clearer because the Correction would need to subdivide into Intermediate degrees in order to have a ‘’clean look’’.
Our Elliott Wave Cycles Analysis points us, chronologically, to the following Levels:
1. 12550.00
2. 11600.00
3. 13300.00
4. Market Crash
Let’s see why!
As the Down-Trend unfolded, by labelling our Wave Count we noticed that there is a valid possibility for DAX-GER30 to have another Bullish Swing towards 12550.00 Levels.
The explanation is quite simple: just as Impulses subdivided previously into Cycle/Primary/Intermediate/Minor/Minutes/Minuettes so does the Corrective Structure.
The 20th June – 11th Aug Down-Trend, as per the current Wave Count, appears to complete the Intermediate (A) (purple) and there is a considerable chance that Price Action could unfold on the up-side with a Bullish Swing towards Intermediate (B) (purple).
Wave Analysis:
• Intermediate (A) (purple) unfolded as a 3-3-5 Sequence in Minors ABC (red) which would require a Retracement on the up-side for Intermediate (B) (purple).
• 11th Aug low was followed by a 5 Swings Sequence in minor A (pink) which leads a Wave Trader to think that there could a continuation, with another 5 Swings on the up-side for Minor C (pink).
• Corrective Minor B (pink) reversed from the 61.8% Fibonacci Retracements of Minor A (pink), which is also an Inverted Head & Shoulders Pattern.
DAX-GER30 – Minor C – BUY Position:
• Entry Level – 12070.00 (or 12030.00 if Conservative)
• SL – 11920.00
• TP – 12320.00 & 12550.00
Safety Measures:
• When in the green, moving SL to break-even or in profit.
• If Conservative, waiting for Inverted H&H Support reaction and getting Bullish Divergence confirmation.
Many pips ahead!
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