Elliott Wave Analysis On German DAX And EURUSD

By: Gregor Horvat | Thu, May 19, 2016
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German DAX

On the intraday chart of German DAX, we are observing an idea of a complex correction, that is placed in wave 4. This correction is called a triangle pattern, which is a continuation pattern, meaning that after it's finished, price may continue to go short, ideally reaching towards 9579-9700 region, where some Fibonacci projection levels, can react as a support and a turning point into higher levels.

For now wave e, the last leg of a complex correction pattern is still missing, so we would not be surprised if price bounce higher to around 9959 area and then make a reversal lower.

German DAX, 1H

German DAX 1-Hour Chart


EURUSD

EURUSD is still trading to the downside, now at 1.11800 area, where our Fibonacci ratio of 261.8 can come in play, and react as a support and a turning point into wave 4. As we know wave four usually becomes more complexed than wave two correction, so we would not be surprised, if prices slows down for a couple of days and then continues lower. After wave 3 is completed, wave 4 can touch levels around 1.12349 region, where formal wave iv, can act as a turning point.

EURUSD, 1H

EUR/USD 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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