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

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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