Elliott Wave Analysis: German DAX May Start A Reversal Higher In The Near-term

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DAX has turned strongly to the downside in the last few days, so we believe that index moved into a more complex corrective pattern. We are looking at a Elliott Wave flat correction that can be finished now based on nice turn up from 10000 psychological area. That said, we believe that market is ready to resume the uptrend, especially if index will pass 10550 area.

German DAX, 4H

dax-4

 

 

 

 

 

 

 

 

 

 

 

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Basic Flat Pattern:

flat

 

 

 

 

 

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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.