Elliott Wave Analysis On German DAX And SP500

By: Gregor Horvat | Tue, Jun 28, 2016
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German DAX

German Dax is trading quite nicely, making a five wave move to the upside from recent lows at 9201.50. We know that after every five wave move, a three wave correction follows, so we believe a temporary pullback may be in store in the next few sessions. Regarding the gap, we know that after a gap is open, it has to be closed or covered, so in our case, we believe price will continue to go to the upside, and entirely cover the gap.

German DAX, 30Min

DAX 30-Minute Chart


S&P500

Stocks bounced from their lows strongly. S&P500 posted some potential lows after five waves down had unfolded in the blue wave C. We can now count a clear structure with an ending diagonal pattern at the end. An ending diagonal is a powerfull reversal pattern, which after its completion tends to make a sharp reversal higher, ideally reaching the start point of this patter.

S&P500, 30Min

S&P500 30-Minute 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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