Elliott Wave Analysis On SP500 And German DAX

By: Gregor Horvat | Tue, Nov 24, 2015
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S&P500

S&P500 is in a pullback mode of a higher degree which is having a corrective personality because of small overlaps. This can be wave 2 that can be looking for a support around 2060. As such, we see current retracement down as temporary move within larger uptrend that may continue in the next 24 hours. We would change the view only if price would decline sharply back to 2000 figure which is now very far away.

S&P500, 1H

S&P500 1-Hour Chart


German DAX

German DAX is already back at the highs after the market made only a three wave set-back; a zigzag that completed wave 4) at 10480 at the start of last week. We are now tracking a new bullish impulse, which is wave 5 that can move even up to 11300-11400 area but after minor correction that can find a support around 10850-10900 area in the next few sessions

German DAX, 4H

German DAX 4-Hour 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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