Elliott Wave Analysis: German DAX At The Start Of A Potential New Uptrend

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German DAX is trading nicely higher, now already at the 10673 level, after a higher degree three wave correction A-B-C had unfolded to around the 10021 mark. As such a possible new impulsive sequence may be in the making, with the first wave A or 1 already completed. Current slowish price movement may now be only temporary,  with sub-waves b and c still missing. The ideal support and reversal zone for this wave 2 correction may be around the former wave iv and the 38.2 Fibonacci ratio. Invalidation level is at the 10021 lows- as long as it holds we are looking bullish.

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German DAX, 1H

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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.