Looking at the monthly chart, we see price trading clearly in a five-wave recovery, from 2008 lows, when a bigger correction had ended. Now Elliot Wave teaches us that after five unfolded waves, a new three-wave setback can occur. In our case, this could transpire, however, we still believe a minor five-wave rally is still in the making within the final leg of this bullish cycle. This means that more upside can still be seen on the Dax, before a bigger and deeper correction starts going.
For more detailed analysis, check the Video analysis below.
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Answer: Gregor Horvat