Elliott Wave Analysis: Dax and Silver

By: Gregor Horvat | Tue, May 23, 2017
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Dax recently traded into our region of resistance, near the Fibonacci ratio of 50.0 and 61.8, which usually presents a turning point zone. This means more weakness could follow on the pair in the near-term. A breach below the previous swing low of wave B would be and indication for more bearish pressure.

German dax, 1h

German DAX 1-Hour Chart

Silver is undergoing a sharp and strong recovery within wave 3)/C), which means we can see metal reach even higher in days ahead. We have 17.46/17.70 region in view, where Fibonacci projection indicates a wave 3) or C) termination point. Even recent breach above the upper channel line indicates more gains to follow and a possible support for upcoming minor corrections.

Silver, 1h

Silver 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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