DAX reaching the extreme corrective point
DAX is reaching 12800 after an impulsive Elliott finished. We are within a possible corrective ABC wave of the 13700 to 8000 swing down. For the downside reversal from here, 12800-13000 zone has to hold.
Get the powerful trading signals and analysis with the combination of Price Action and Elliott Wave!
On a daily chart, price action in the DAX within a rising wedge flag indicates an end of the 5 wave impulse of a corrective B. Short trade entries are favored here with the stop loss above 13000 with targets 12000 and 11500 in extension medium-term. Our trading system is indicating a potential of 800-1500 points of profit. Look for the short trade entries invalidation to come only on a clear daily close above 13000.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
