DAX Elliott Wave View: More Downside

Short term DAX Elliott Wave view suggests the decline from 5/15 high is unfolding as a double three Elliott wave structure. Down from 5/15 peak, Primary wave ((W)) ended at 12303 as a Flat and Primary wave ((X)) bounce ended at 12672. Primary wave ((Y)) is currently in progress and unfolding as a triple three Elliott wave structure. Down from 12672 peak, Intermediate wave (W) ended at 12373.5, Intermediate wave (X) ended at 12567, Intermediate wave (Y) ended at 12180.5 and Intermediate second wave (X) ended at 12339.48. Near term, while bounces stay below 12339.48, expect the Index to resume lower towards 11878.65 – 12030.11 area to end cycle from 5/15 high. Afterwards, from that area, expect the Index to at least bounce in 3 waves to correct cycle from 5/15 high.