Deutsche Bank: Next Big Leap Ahead?
Updated
Starting our analysis for the Deutsche Bank chart at the Corona low of $4.45, we have since seen an uptrend developing with a Wave (1) and already a Wave (2), placing us in the overarching Wave (3). Within this Wave (3), we're looking for potential entry points. We've also developed Waves 1 and 2 and are currently, as seen on the 4-hour chart. We want to enter at the end of this coming wave ((iv)). We expect to reach between 38% and 50% retracement, with the possibility of hitting 61.8%, but not much lower, as we would need to invalidate the scenario if the price falls into the level of Wave 1 for an extended period.
Looking upward, we set our target at a minimum of €16.16, which corresponds to the 161.8% extension. The chart clearly shows that we are experiencing lower highs and equal or lower lows. Thus, we believe there will be a downturn before the price moves higher. Our entry zone is at $11.37, with our stop-loss just above $10, but also just below the invalidation zone.
Note
We are cancelling the limit order from above.
For Deutsche Bank, we had to adjust our scenario and have now removed the limit order we had placed because we've continued to break higher. However, we now expect this upward trend to conclude. We are currently at a high of €14.64. We assume that Wave ((iii)) has been completed and are on our way to Wave ((iv)). This should be between 38.2-50%, equating to levels between €12.53 and €11.84. We then anticipate another rise up to €16.16, which is our 161.8% extension. It's a very positive outlook for Deutsche Bank, especially considering the current economic performance of Germany; this substantial growth underscores Deutsche Bank's significance and magnitude. We are focusing on major banks rather than smaller players. Thus, we expect a significant correction in the coming weeks, where we'll want to place a new limit order. However, we'll wait to place it until we've observed the first signs of weakness, as there's still room for upward movement.
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