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Friday, 3 March 2017

DAX Daily Elliott Wave Analysis










General overview for 03/03/2017:

The German index Dax30 is in the last, big impulsive wave to the upside labeled as wave 5. When this wave is completed, then a big corrective cycle is next.
On the Daily time frame chart, the price is trading in overbought market conditions, inside of an upward channel. The top at the level of 12 000 might be a top for the wave (i), but the alternative count suggests a possibly higher degree top for the wave 5 of wave 3. Only a break out below the level of 11429 could be important enough to disqualify one of the alternatives. Nevertheless, the nearest support is at the level of 11898 and the price should bounce from this level in order to continue higher. If not, then a corrective cycle is in progress.

Support/Resistance:

12439 - Swing High
11898 - Technical Support
11429 - Technical Support

Trading recommendations:

All swing buy orders should be still kept open as the impulsive wave progression to the upside has not been completed yet and new all-time highs are anticipated*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.



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