The consolidation in the DAX for the past two weeks appears to have taken the shape of a contracting triangle eliminating the wave 2 scenario. Second waves cannot be triangles. Triangles are often an interlude between two impulse waves and in this case that would be wave B of a simple ZigZag. Wave C would be under way with target of 12750 ( C = 0.618 * A ) but most likely 12487 where we have C = A.
Can it be over ? Sure it can. By moving below the end of wave A one can say it is done. But we have to go with the right look and it would look much better with more weakness. If we move back up from here there's strong resistance in the 13035 zone then 13268.
Can it be over ? Sure it can. By moving below the end of wave A one can say it is done. But we have to go with the right look and it would look much better with more weakness. If we move back up from here there's strong resistance in the 13035 zone then 13268.