Elliott Wave Analysis: German DAX Undergoing A Complex Correction; More Upside May Follow

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On DAX we see price moving higher but current recovery from August 22nd low did not convinced us yet. It can be counted in three waves so ideally it’s wave B as part of a complex and bigger red wave 4) which can be a triangle. As such, we think that upside can be limited at the start of this month and that another turn down to the lower side of a trading range can be coming.

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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.