WTI Crude OIL and German DAX Look To Move Higher - Elliott Wave

By: Gregor Horvat | Tue, Sep 8, 2015
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No change on WTI crude oil for now; price is still looking down for deeper levels within wave c) of b) that can be targeting 42.00 level (equality Fib. level) where energy could finally turn to the upside. Keep in mind that we see a pull-back from 49.30 as a corrective move that is part of a much bigger three wave rise away from August low. That said, price is expected to move back above 49.30 this month.

WTI CRUDE OIL 1h Elliott Wave Analysis

WTI CRUDE OIL 1-Hour Elliott Wave Analysis Chart

German DAX is trapped in big 500 point range but it's contracting so we see it as a triangle in wave B if we consider much clearer and direction leg up in wave A. As such, we suspect that price will reach higher levels, but after wave (e) pullback that must hold then 9957 invalidation level. Ideally support will be seen around 10000-10100.

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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