Elliott Wave Analysis For German Dax And EURGBP

By: Gregor Horvat | Mon, Mar 7, 2016
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German DAX

German DAX made three waves of a pullback from the high which is a structure of a contra-trend price action so traders should be aware of a bounce as we see this retracement within larger uptrend. It looks like a red wave 4) so new push higher can be in the cards for a red wave 5) all the way up to 10000 area.

German DAX, 1H

German Dax 1-Hour Chart


EURGBP

I am still observing EURGBP very closely for possible shorts after a pullback which I think it's not over yet. I see broken trendline so assume that price can travel slightly higher, up to 0.7812 resistance of former wave four where it's also 50% retracement so it appears to be like an area for end of wave B).

EURGBP, 1H

EURGBP 1-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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