DAX 30 - A Whopping 700 Points Profit With Elliott Wave - 18 Oct 2019
DAX 30 FTSE 100 Technical Analysis Elliott Wave and TradingLevels helped us pinpoint the profit-taking exit
DAX 30 Elliott Wave: Wave iii) top is in place an we are now moving into the (a) (b) (c) corrective pattern as Wave iv) back towards the the 12,500 or the 38.2% Fibonacci retracement level.
Trading Levels: Our upside target at 12,800 is a Minor Level / MTL8 – the number 8 is also called a profit taking number. Wherever you see the number 8 expect the bids to get hit and therefore the perfect place to take some profits, but in this case we took out the remainder of the long trade, taking 700 points from the DAX 30.
DAX 30 Trading Strategy: Our long DAX trade from around 12,076 taking part profit at 12,500 and then then taking profit at 12,800 is now completed making that a 700 point trade profit. Our next move will be to wave for Wave iv) to complete and then work out the long trade set up. That said we may short Wave (c) of iv) if Wave (a) and (b) are understandable in Elliott Wave terms.
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Education: Elliott Wave Structures
Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
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