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DAX (Germany) Elliott Wave technical analysis Function: Trend. Mode: Corrective. Structure: Orange wave 4. Position: Navy blue wave 3. Direction next higher degrees: Orange wave 5. Details: After orange wave 3 now orange wave 4 of navy blue wave 3 still is in play and looking near to end. Wave cancel invalid level: 16997.26. The DAX Germany Elliott Wave analysis on the day chart provides insights into the current market trend using a corrective mode. The focus is on the structure and progression of the waves within the Elliott Wave framework. The analysis identifies the structure as orange wave 4, which is positioned within the larger navy blue wave 3. The function of this analysis is to track the ongoing trend in the DAX market, currently characterized by a corrective phase. The corrective mode indicates a temporary counter-trend movement that interrupts the primary trend direction, typical in Elliott Wave theory. This corrective phase is part of the broader navy blue wave 3. The direction for the next higher degrees is identified as orange wave 5. This suggests that once the corrective phase of orange wave 4 concludes, the market is expected to resume its upward trend into orange wave 5, continuing the larger impulsive movement within navy blue wave 3. The detailed analysis reveals that after completing orange wave 3, the market has entered orange wave 4 of navy blue wave 3. This corrective wave is still in play but appears to be nearing its end. The conclusion of orange wave 4 will likely mark the transition to the next impulsive phase, orange wave 5, within the ongoing trend. A critical aspect of this analysis is the wave cancel invalid level, set at 16997.26. This level serves as an essential benchmark for validating the current wave structure. If the market price drops below this level, it would invalidate the current wave count, necessitating a reevaluation of the Elliott Wave analysis and…

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Filed under: News - @ June 20, 2024 8:18 am