DAX Elliott Wave Analysis: More Upside

Short term DAX Elliott Wave view suggests the decline to 12491.5 on 5/18 ended Intermediate wave (2). Up from there, the rally is unfolding as a double three Elliott Wave structure. Minute wave ((w)) ended at 12879.5 and Minute wave ((x)) pullback ended at 12616.44. Internal of Minute wave ((x)) is subdivided as an expanded flat Elliott Wave structure where Minutte wave (a) ended at 12633.5 and Minutte wave (b) ended at 12922.5.

A break above Minutte wave ((b)) on 6/14 is necessary to add validity that the next leg higher has started. Up from 12616.44, the rally is unfolding as a zigzag Elliott Wave structure where Minute wave (a) is in progress as 5 waves. Expect a pullback in Minute wave (b) soon to correct cycle from 6/15 low (12616.44). While dips stay above 12616.44, expect Index to extend higher. We do not like selling the proposed pullback and buyers should appear once Minute wave (b) pullback is complete in 3, 7, or 11 swing.