German DAX Looking Higher After A Pullback

Technical analysis of Forex market

German DAX made a five-wave recovery from the 10283 region, which we labelled it as a wave I, first leg of a bigger, bullish cycle. That said, latest bearish reaction from the 12652 area can now be sub-wave A of II, of a bigger bullish cycle, that can look for support, and a recovery near the Fib. ratio of 50.0/61.8. In case latest sharp decline is already sub-wave C of II, then there is a possibility that a bigger flat correction can be ending on the stock. In this case, more upside can be around the corner.

German DAX, daily

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