Dax Review 26th April 2015

The long term Elliott Wave Count I am running with, suggests that we are still likely in red wave 5 of blue wave 3. I can not see a lesser degree wave 4 clearly in that red wave 5, so the last week's consolidation could be part of that. Either way, still in blue wave 3 inside green wave 3 and looking for long positions on shorter time frames. Stochastics are of course overbought but can stay that way on a weekly and monthly chart here beyond shorters' pockets.

 
 

The lower band of the daily bollingers (green) was pushed last week, with the overall sidewards pattern, pushing to the right of the multiple bands, appearing similar to the set up before the break out at approx. 10500 zone. The daily stochastics have been softening as hoped for in my post 3 weeks ago, but thus far the momentum continues to suggest a consolidation. I think up first, before down to test that 10500 zone, so looking for longs on intraday chart.

 

The 4hr bollys were also getting tagged to the lower band and unless we see price drop through that zone 11000-11600 zone with any persistent force, I am looking for long positions up to retest the upper band near 12100 first. The stochastics here would support a push up into those upper multiple bands and if that were to complete red wave 5, then into the 13000s would fit the green pitchfork channel from the first chart.