Elliott Wave Analysis: German DAX In A Temporary Correction; More Upside Is Still In Sight

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Good morning traders. World stocks are still rising in attempt to offset recent loses. Daily calendar has two major news. One for the EU and that is German CPI which measures inflation and the other is in the US, the PCE index with home sales and personal spending. Today we will observe the DAX. German stock index is currently in the corrective pullback phase, after price completed a nice five wave rise from 9201 lows. We know that after every five wave rise, a three wave contratrend movement follows. So based on that, we now are still missing two sub-waves of this correction, before price can again move higher.

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German DAX, 30Min

DAX 30

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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.