S&P500 and DAX Elliott Wave Cycles Point Bullish Impulses

Published: Oct 25, 2021, 11:40 UTC•1min read

Market remains in the risk-on mode within ongoing bullish impulses on SP500 and DAX, so we will look for more dollar weakness after current consolidations are over.

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US SPX 500

+0.24

Germany 30

+1.52

Market remains in the risk-on mode
S&P500 eyeing higher towards new all-time high
DAX may test 15763 level

SP500 is coming nicely higher in the 4-hour chart as expected and there’s a chance it’s unfolding a new bullish five-wave impulsive straight back to all-time highs, especially if we consider a broken base channel so be aware of more upside after pullbacks while the market is above 4429. If the market comes back below that level of wave 1 then this would lead to a big triangle correction.

S&P500 4h Elliott Wave Analysis

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DAX is recovering very nicely in the 4-hour chart after we noticed an inverted H&S pattern and a bullish reversal away from 14800 area where index completed a higher degree corrective set-back. We see nice five waves up now with the price already seen in a fifth wave so we think there will be even more upside coming after any deeper three-wave retracement. The near-term projection level for the current rise is at 15763, where the market may see a temporary slowdown.