Elliott Wave Analysis: German DAX In A Correction; Support Seen Around 9700 Area

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German DAX fell last week from 10377 and then also from 10288 so we expect more weakness ahead, if we consider that market might have finally accomplished a deep three wave bounce in red wave B). So if we are correct, then new impulse down is now underway back to 9700 or maybe even lower, but 10288 should stay in place then, otherwise count will have to be adjusted.

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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.