DAX (H4) — Elliott Wave PerspectiveGermany 40CAPITALCOM:DE40COLOMBINI-TRADINGThe current structure on DAX suggests that the market is developing a corrective sequence rather than a new impulsive leg higher. From the recent swing low (~21,850), price has advanced in what appears to be a counter-trend move labeled as wave (A). The recovery lacks impulsive characteristics and is unfolding within a broader bearish context, with price still trading below the higher timeframe moving averages. The ongoing bounce is likely forming a wave (B), retracing a portion of the prior decline. Notably: Price is approaching a key resistance cluster around 24,200 – 24,300 This zone aligns with prior structure and dynamic resistance (EMA confluence) Momentum is already showing signs of loss of strength into resistance From an Elliott Wave standpoint, this setup favors a classic ABC correction, where: Wave (A): Initial recovery from the lows Wave (B): Current corrective bounce (potential topping phase) Wave (C): Expected impulsive move lower If this count holds, the next phase should be a wave (C) decline, targeting a move below the recent lows, with a potential extension toward the 21,800 area or lower. Key Levels to Watch 24,200 – 24,300 → Critical resistance (potential wave B termination zone) 23,380 → First structural support 21,850 → Major downside target (wave C completion zone) Conclusion The broader context remains corrective and fragile. Unless price reclaims higher ground decisively, this rally should be treated as a counter-trend move within a larger bearish sequence. Bias: Short-term bounce → Medium-term downside (wave C pending)