DAX forming a continuation pattern at the highs

DAX has seen some deep pullback in 2023, but it was  A-B-C drop into the important 14400-14600 area. We can see nice and clean impulsive recovery from that support area and back to new highs, so bullish trend is back and it’s very strong one; a move that can resume even higher after the current intraday consolidation. Ideally that’s wave 4 with nice support now at 16530, but there is a chance for more complex correction with second support seen shown at 16300 area, on 4h time frame. However, for now the ideal scenario to be tracked is a bullish triangle pattern within wave 4.

Chart

DAX


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Source: https://www.fxstreet.com/news/dax-forming-a-continuation-pattern-at-the-highs-202401120941