DAX analysis

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Last time I wrote as follows:

When this support fails coming weeks and the level of the top of wave I (9460) is touched, a longer term top has been set already. But if the wave V of 5 has yet to come, the end year rally may continue as from today up to 10300-10500 range.
When this support fails coming weeks and the level of the top of wave I (9460) is touched, a longer term top has been set already. But if the wave V of 5 has yet to come, the end year rally may continue as from today up to 10300-10500 range.

Today the DAX shows following:

DAXweek150126

The move from early October to end November can be counted as impulse wave I. After finishing correction wave II early January, impulse wave III is now on the way. The shape of this last wave V of 5 still needs the be formed and is therefore uncertain. Nice is to see how the red trendline on the RSI has been re-tested during correction wave II.  As target I see the DAX reaching the level of 11000 before starting a bigger correction towards 8000-6500 range based on Fibonacci retracement levels on the impulse wave started September 2011.

DAXweek150126b

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