Elliott Wave Intraday Swings for GOLD and DAX

By: Gregor Horvat | Tue, Jul 8, 2014
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GOLD is moving sideways for the last couple of trading days, which we think it represents an incomplete corrective decline from 1331. We are looking at wave (b) that should be made by three legs, but until now prices have made only one leg down, so looks like that rally from 1309 is subwave b) that may look for a resistance around 1324. Ideally we will see a wave c) down in this week to 1300 level. However, these intraday downward swings are temporary within bigger uptrend!

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

DAX surprised the traders yesterday and turned bearish quite sharply in the last 24 hours. We see a decline as part of ongoing corrective wave. We are looking now at wave four that can be even a triangle, but we will have to wait on more price data then, before we may look up in wave (v), back to all-time highs.

German DAX (September 2014) 1h Elliott Wave Analysis

German DAX (September 2014) 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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