Honestly, I can’t believe it’s a been a year since our last German DAX post here.
In that post, we shared a couple of key chart insights for the German DAX (INDEXDB:DAX):
- Notice that the bearish divergence had not appeared and the count called for one more move to all-time highs, believe it or not
- Long before the market fell, we aimed for 10,000 OR the 8,000 to 8,500 area as key price support to fuel the advance.
Well, the German DAX has followed our playbook pretty closely. And as we approach new all time highs it’s time to take another look at the chart and some prospective elliott wave price targets.
Here are some takeaways and German DAX 2017 price targets:
- Bearish Divergence is appearing on the Monthly chart
- I can ‘see’ 5 waves playing out…
- Key Price Resistance lies at 13220-13366
- Final Price Target Zone for now is 14-15K
German DAX Chart Views
One last thing… this puppy has some nice relative strength. Also posted below you’ll find the relative strength of the DAX versus the NYSE Composite Index. (DAX / NYA). Folks, believe it or not, it’s been in a steady uptrend versus the NYSE Index since 2003.
Shown in the light blue rectangle is the target area for, perhaps, the NYA to start outperforming. We’ll be monitoring closely.
As always, thanks for reading.
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
