Short Term Trading Member Forum

[techcharter]

DAX Wave ED-5-zig

The DAX made a new 52 week high today.

The intraday chart shows an incomplete motive wave. The best wave count is ED-5-zig nearly done. ED-1 and ED 3 took a couple of weeks to complete. It just feels too soon for ED-5 to complete. Another 2 or 3 days or choppy advance followed by a week of choppy pullback and then 1 week of mild or choppy advance should finish of the ED around the end of the first week of May.

http://finance.yahoo.com/q/bc?s=%5EGDAXI&t=5d

The MACD and Stochastics also indicate there is more room to the upside.

http://stockcharts.com/h-sc/ui?s=$dax&p=D&yr=0&mn=6&dy=0&id=p98331346671

The timing of this would only be one week after the April 28 deadline the UN has imposed on Iran to halt its nuclear research. The market is anticipating Iran will not comply and some type of punative action will take place.