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Peter23

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  1. Examining the 1hr chart suggests that a wave 3 in the cycle from 29th August is the most likely structure to have completed and a wave 4 in the cycle would now target former cycle resistance at 13250. Only a break with 1hr and Daily close would suggest a larger cycle has completed. If correct, then dips towards 13250 would then target 13600-670 to complete the major weekly cycle and call for a deeper retest of former resistance at 12950 area.
  2. Examining the Daily chart shows that there is scope for a run to 13600-670 where the 5th wave of the major wave 3 would represent a 61.8% extension of the cycle started 29th August - this again is a classic EW pattern where the wave 3 in the cycle is an extended wave and exceeded its ideal target. So again, further analysis of the lower time frames is required to increase the probability further.
  3. Dax weekly EW count suggests a major wave 3 in a cycle started Feb 2016 may have completed last week. Note the similarity in both time and distance for sub waves i and v which is a classic EW pattern. To increase the probability of a turn, we need to investigate the lower time frames starting with the Daily chart down to the 1hr chart.
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