Stocks Indexes Are Down Today- Looking At SP500 and German DAX

By: Gregor Horvat | Mon, Aug 17, 2015
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E-mini S&P500 is also falling with German DAX, now breaking the support channel line, so it appears that big triangle on the S&P500 is still in play. On the intraday chart below we are tracking wave E) that can move into 2060-2070 support area this week. We expect a bounce from that region after a three wave set-back.

S&P500 (Sep 2015) 30min Elliott Wave Analysis

S&P500 (Sep 2015) 30-minute Elliott Wave Analysis Chart

Stocks indexes are down today, with DAX breaking towards 10800 area which has been in view for the last few days as we anticipated a fifth wave down, final leg that can complete a larger impulsive decline this week. As such, we need to be aware of a bounce in days ahead, maybe already from around current levels as price trades into some important Fibonacci support zone.

DAX (Sep 2015) 1h Elliott Wave Analysis

DAX (Sep 2015) 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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