Elliott Wave Analysis: German DAX May Be In For Another Bullish Rally


German DAX has gaped nearly 1000 points lower last week and hit new low of the month, but weakness was not there for long as price turned up from around 78.6 Fibonacci support. Reversal up on intraday basis is very strong so we have to be aware of more upside this week ideally back to around 10530 to fill the gap. Our invalidation level remains at 8690 low from February; as long it’s not broken we will look to the upside.

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German DAX, 4H

dax 4

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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.