Elliott Wave Analysis: DAX In A Possible Correction

DAX is trading sharply to the upside, with some strong upward reaction from 9300 which looks like an extended wave. Usually third waves are extended so our updated wave count shows that this can be black sub-wave 3, that could be already over as of recent sharp reversal. That said a minimum three wave recovery may follow in black wave 4, ideally towards the 38.2 of 50.0 Fibonacci ratio from where a new reversal higher may occur.

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