Elliott Wave Analysis: German DAX Intraday View

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DAX retested Tuesday’s high from where price turned lower now which is typically a sign of a more complex correction. we know that in a flat wave b usually looks for a top in the area of the start point of wave a, so we think that current intraday turn down to 10578 can be wave c of 2 that may look for a support at 10475 before market turns up into a new strong impulsive structure. On the other-hand rise and daily close above 10650 could indicate a completed wave 2 at recent low, labeled as “ALT” on the chart.

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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.