DAX Keep Finding Buyers in 3,7,11 Swings

Hello fellow traders. DAX is one of the instruments that has been giving us a lot of good trades recently. In this technical blog we’re going to take a quick look at the Elliott Wave charts of DAX, published in members area of the website. As our members know, we’ve been calling rally in DAX within the cycle from the March low. In the further text we are going to explain the Elliott Wave Forecast and trading setups.

DAX 1 Hour Elliott Wave Analysis 08.27.2020

DAX is bullish against the 12633.7 low. Current view suggests DAX still can be doing double in wave ((ii)) pull back against the 12633.7 low. As far as the price holds below current short term highs, we expect to see another leg down toward 13006.8-12878.1 area ( blue box- buyers zone) . We don’t recommend selling it and favor the long side from the blue box. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. Consequently, we expect to see at least 3 waves bounce from the blue box. As soon as the price reaches 50 fibs against the (x) high, we should make long positions risk free. ( put SL at BE).

DAX 1 Hour Elliott Wave Analysis 09.01.2020

We got double toward blue box - buying zone as expected. DAX found buyers there and gave us nice bounce. Rally from blue box was strong enough and broke above 50 fibs against the previous short term high, so we made our long positions risk free. Eventually DAX made strong decline and closed our long positions. As we put Stop Loss at the entry levels, trades are closed without any loss. Current structure is showing 7 swings from the peak, when next set of equal legs is reached at 12876.2-12706.7 ( buying zone). Consequently we like to be buyers there for proposed extension up or 3 waves bounce at least. Strategy is the same, as soon as the price reaches 50 fibs against the middle pivot, we will make long position risk free.

DAX

DAX 1 Hour Elliott Wave Analysis 09.04.2020

DAX found buyers at the blue box area 12876.2-12706.7 and as a result we got nice profits there. Current view suggests DAX is correcting the cycle from the 12633.3 low, and still can find buyers against that low for further extension up.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room .

DAX

Elliott Wave Forecast