German DAX Undergoing An Intra-day Correction; Possible Support Seen Around 10500-10550

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Good morning traders.
European stocks are turning down today, which may have something to do with possible recount of the US elections votes. If this would happen then obviously democracy would be shaken hard in general, which is not positive for stocks.

However, technically it can be only the first Monday reaction, moves that are not build on “real money flows”, so it can be just a temporary sell-off. I am tracking an a-b-c down on DAX which can be now moving into final stages of this set-back with support seen around 10500-10550.

Interested in our services ? Then visit our homepage at www.ew-forecast.com and take a glace at some of our charts. You can even subscribe to our Twitter account -> @ewforecast

German DAX, 1H

dax-1

 

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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.