DAX (CMP: 9405.3) - The index chart shows the
bullish outlook for the Medium term perspective.
On the Elliott Wave Perspective,
the index is forming an “Impulse pattern” from the low witnessed at 2188 on
March,2003. Internals of impulse pattern could be labeled as i-ii-iii-iv-v. In
which index has completed the “wave i & ii”. Now “wave iii” is in the
progress and it has moved near to the 100% projection levels “wave i” &
“wave ii”. On sustained rise and close above 100% levels (9570) the index could
continue the rally to next key projection level of 11000 mark which is 123.6%
of “wave i” & “wave ii”.
Index has formed higher top
higher bottom in the swings which indicates that the present rise is sturdy and
it could continue further in the medium term perspective. The minor rising
channel setup (Dotted Blue Line) adds strength to the bulls.
Index is trading above 13 Month
EMA & acted as vital support which is placed at 8219. The monthly oscillators are placed in
positive zone.
Conclusion: The index is heading towards 9570 then 11000 levels.
Key support is placed at 8219.
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