Stock Market Elliott Wave Analysis: German DAX and SP500

By: Gregor Horvat | Mon, May 5, 2014
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German DAX is still moving sideways within wave 4) which we think it represents a triangle. We see prices at the upper side of a range so ideally a downward retracement will follow in wave E to complete the pattern around 9200-9300.

DAX Daily Elliott Wave Analysis

DAX Daily Elliott Wave Analysis Chart

S&P500 has been in bullish mode since February but prices slowed down at 1880/1920 Fibonacci and channel resistance area, where we see zone for a completed fifth wave in red wave 5) of (3) after price fell to 1800 in April which suggests more weakness or maybe just sideways price action in current blue wave (4). Ideally makret will retrace in three legs back to 1732 in flat correction

S&P500 Daily Elliott Wave Analysis

S&P500 Daily Elliott Wave Analysis Chart

 

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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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