New Zealand Markets closed

DAX 30 Resumes Uptrend After Pullback & Bounce at 23.6% Fib

Chris Svorcik

DAX30

Daily

The DAX30 uptrend is expected to continue higher (green checks) but only once price is able to break above the resistance zone (red lines). A bullish continuation towards the Fibonacci targets is expected to complete wave 5 (green) of wave 3 (blue). A break below the Fibs of wave 4 vs 3 could invalidate (red x) the wave 4 (green) pattern.

4 hour

The DAX 30 seems to have completed a complex WXY (orange) correction within wave 4 (green) at the Fibonacci levels of wave 4 vs 3 (green). Breakout candles above resistance (red) could confirm the uptrend continuation.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

This article was originally posted on FX Empire

More From FXEMPIRE: