Elliott Wave Analysis: German DAX Could Face A Nice Reversal In The Near-term

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German Dax moved slightly lower in the last few days but price stopped at the lower trendline of an ending diagonal, so it appears that bulls are not done yet. As such, we updated the count and looking now for wave c up that may completed wave 5 of an ending diagonal near 1.2130-12200 area. Technically a sharp turn will follow from that region later this week., but as confirmation for a top in place we will need a decline below 11946 in five waves.

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German DAX, 4H

 

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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.