DAX has turned strongly to the downside in the last few days, so we believe that index moved into a more complex corrective pattern. We are looking at a Elliott Wave flat correction that can be finished now based on nice turn up from 10000 psychological area. That said, we believe that market is ready to resume the uptrend, especially if index will pass 10550 area.
German DAX, 4H
A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
Basic Flat Pattern:
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