Short term Elliott Wave view in DAX suggests Primary wave ((B)) ended at 12434.7 on 3.16.2018. The decline from there is unfolding as a 5 waves impulse Elliott Wave structure. Down from 12434.7, Minor wave 1 ended at 12160, Minor wave 2 ended at 12375.5, Minor wave 3 ended at 11827, Minor wave 4 ended at 11987.50, and Minor wave 5 is proposed complete at 11706.50. The 5 waves move lower ended Intermediate wave (1) of a higher degree.
Intermediate wave (2) bounce is in progress to correct cycle from 3.16.2018 high as a zigzag Elliott Wave structure. A zigzag is a 5-3-5 structure and has a label of ABC. Potential target for Intermediate wave (2) is 12068.9 – 12261.06, which is the 50 – 76.4% retracement of the decline from 3.16.2018 high. As far as a pivot at 3.16.2018 high (12434.7) stays intact during the bounce, expect Index to extend lower again afterwards. We don’t like buying the Index.
DAX 1 Hour Elliott Wave Chart