Elliott Wave Analysis: DAX Trading Higher, But With Incoming Corrections

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German DAX is trading sharply to the upside, with some strong upward reaction from 9290 which looks like an extended wave. Usually third waves are extended so our updated wave count shows that this can be black sub-wave 3 in the middle of a even bigger red wave 3) that can be headed up to 10600 this summer. But as always pullbacks will occur, and we would not be surprised if a new retracement down into a black wave 4 will show now, when market touched 10336 pre-Brexit level.

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German DAX, 4H

4h dax july 29 2016

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.