German Dax: Temporary Correction Within Uptrend
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Sep 26 2013
German DAX futures are in bullish move since start of September, showing an impulsive price action. Impulse is a five wave pattern so we expect more upside as current decline from the highs appears to be only a fourth wave, a temporary contra-trend movement. For now, we don't see a completed pull-back yet, but market could find a support around 8510-8570 region where we see an open gap. Those gaps could react as a reversal, in our case as a support in wave 4 for a bounce back up into wave 5. Targets for wave 5 would then be around 8860 where we see a 200% extension of a previous decline from 8460 to 8090 in August.
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