DAX short term Elliott wave count

S&P and DOW Elliott wave counts
March 6, 2013
DOW and S&P Elliott wave counts
March 8, 2013

DAX is moving according to plan since the important support at 7560 was not broken. Members received a newsletter where I was long in DAX above 7650 with target at least 7750. New highs towards 7900-8000 were also part of our view if prices held above 7620. Part of this newsletter can be seen below.

newsletter

 

DAX respected the support and is now trading around 7950.  The rise looks impulsive and is currently finishing a minor 3rd wave up. A 4th and a 5th wave are expected to follow as shown below. This entire move from 7565 could be part of a bigger move or just a complete wave. Time will tell. For now, trend remains up and all time highs near 8100 are expected to be tested. Caution is advised because bullish sentiment is high and stops should be raised accordingly.

dax

For more help trading this index, don’t hesitate to contact us. As always, thank you for taking the time to read my thoughts.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.