$DAX - Market Analysis for Jul 18th, 2018

The DAX is trading higher again today, seeing nice follow through after yesterday's move to a new high on the month. Therefore, price is cooperating well with the blue path, and should be close to completing wave 5 of the leading diagonal a-wave off the June low. There is room for a little higher before wave 5 of a completes, but otherwise a break below 12660 would be the initial indication of a local top in place and the start of a corrective b-wave pullback.

$DAX-XET - Micro - Jul-18 0636 AM (1 hour)
$DAX-XET - Micro - Jul-18 0636 AM (1 hour)
Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.