Elliott Wave Analysis On German DAX And EURUSD

By: Gregor Horvat | Thu, Nov 10, 2016
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German DAX

US stocks found some resistance in the last 30mins or so, probably for a new corrective retracement which is not a surprise as we see a lot of indexes trading at the end of fifth wave moves. Here we have DAX, now turning south for a pullback, ideally back to 10550.

German DAX, 1H

DAX 1-Hour Chart


EURUSD

We see EURUSD trading in fifth wave down from 1.1300 highs, so it can be time for a new pullback in three legs, especially if we also consider that pair is trading very close to October swing low where I guess are a lot of stops, so once they are cleared market may bounce. Ideally bounce will be only temporary, wave two that can then look for a perfect resistance at 1.0990-1.1030 area.

EURUSD, 30Min

EUR/USD 30-Minuite 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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