German DAX and GOLD – Elliott Wave Analysis 6/24/2014

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European shares could stay under pressure for the next few sessions after a sharp fall from 10054 high on DAX. On the chart leg down looks like a wave a) that is part of a three wave retracement back to 9823, so there is room for deeper levels within current corrective set-back.
German DAX (September 2014) 1h Elliott Wave Analysis
dax intraday
Gold is still moving sideways within wave (iv) that can be a triangle as already highlighted yesterday. A break of 1319 would open door for a rally to 1330, while decline beneath 1309 would cause a deeper retracement, down to 1304/1300 and then bounce back to the highs. In both cases we think that downside is limited in current wave (iv) and that sooner or later uptrend will resume.
GOLD 1h Elliott Wave Analysis

GOLD Intraday

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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.