Elliott Wave Analysis: German DAX In A Correction; Possible Resistance Near 9796

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German Dax is trading 160 points from the low and above red wave iv) swing high, so it appears that bigger corrective bounce is underway. We are tracking wave 4 that can rally with three subwaves back to 9740-9800 resistance area where gap, blue wave four and 38.2% Fib. level can cause a new sell-off on this market later this week.

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German DAX, 30Min

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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.