Elliott Waves on GOLD and German DAX

By: Gregor Horvat | Fri, Dec 4, 2015
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Gold

Gold is surprisingly higher after good NFP figures, with current price trading above 1074 swing high, which is the first broken swing high in a while. Notice that market might have also accomplished an ending diagonal in fifth wave so it can be very interesting price action for bullish waves ahead as low can be forming on gold. Well, it can be only temporary bottom but in either case we need minimum three waves up. A daily close above 1074 will indicate higher prices next week.

GOLD, 1H

Gold 1-Hour Elliott Wave Chart


German DAX

German DAX fell to a new low but downside seems to be limited around 10600 so we still think that price is in late stages of wave (A) down. We believe that market will rally with three waves next week, possibly back to 11000 from where we would expect a continuation lower.

German DAX, 1H

German DAX 1-Hour Elliott Wave 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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