German DAX Eyeing 14k-15k - Elliott wave Analysis

Hello traders, and welcome to a new daily update regarding the German DAX.

On the Weekly time frame of DAX we see price trading in a nice and clear impulsive and bullish sequence up from 2009. We can see a nice five-wave movement up from the lows, with final wave (V) of a higher degree in play which can in weeks and months ahead take price towards the 14000-15000 region.

Now switching to the Daily time frame, where we see price trading in a contracting and sideways correction, which can be labelled as a higher degree sub-wave IV. This correction is known as a triangle, which is a continuation pattern and moves into the direction of the trend( in our case to the upside). Triangles also unfold prior to the final move within a cycle, meaning once this triangle fully unravels a new rally above 13600 as sub-wave V of (V) may follow. That said, a the moment we see leg D of a triangle in play, that can look for resistance near the upper triangle line.

Thank you, and take care.

Cheers!