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Wave 5 Extension on the Dax (Germany 40) ?!? Elliott wave theory


JustinCamm

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Hello 

I trade the Dax and it looks like we may have a wave 5 extension unfolding. From what I can find on the internet it suggests a FIB Ratio of 1.618 from wave 1 to 3 (on the primary cycle) which either starts from the end of wave 4 or from the top of wave 3. This means that the target for for the Dax is either at 22,000 or 24,000. I know this sounds insane but if you look at the monthly chart (attached) it seem to fit nicely in to a channel trend line dating back to March 2015. Accordingly, it also means that we can expect a massive crash at that point which fits in well with the bear narrative that has been going on for a while now. 

I was wondering if anyone has any thoughts on this? Also - if we are having a wave 5 extension, does anyone have advice on what to expect when trading it? 

Thank you 

 

Wave 5 Extension Monthly Chart.JPG

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1 hour ago, JustinCamm said:

Dax

Hi @JustinCamm

Thanks for sharing

Below from our analysts:

DAX 40 once again trades at record highs

The DAX 40 index seems to be unstoppable as it rallies to yet another record high around the 17,600 mark as the latest earnings season highlighted that European stocks remain undervalued compared to their American counterparts with regards to Price-to-Earnings (PE) ratios. This has attracted further investment in Europe’s largest economy as Germany’s consumer morale also improves slightly.

Minor support is seen along the accelerated uptrend line at 17,464. Above the current record high at 17,607 lies the 18,000 region.

DAX 40 DAILY CHART

28022024DAX-Daily.png

 

FTSE 100 and S&P 500 Consolidate while DAX 40 Trades in New Record Highs
Feb 28, 2024 1:00 PM +02:00

Axel Rudolph,
IG Senior Market Analyst

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