This chart shows that a complete ABC Pattern has been formed in the DAX indicating that the correction could be over.

However this might evolve into some kind of bigger correction in the future, but for now it seems that the downward potential is very little. The downmove should be over for the next week at least.

This elliott wave analysis is supported by two other bullish patterns that have been forming.

In the 1hour chart:

Here you see a bullish black swan pattern. I use a very good MT4 indicator for finding and displaying those patterns. It calculates the necessary ratios automatically which is amazing!

And in the 30 mins chart:

This is another bullish black swan in the 30 mins chart. Both overlapping and in alliance with the elliott wave analysis, this results in a potentially good long trade.

If you think this to be useful information:

DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. This is 100% my original work.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

Tell me what you think...

Have a nice day :-)