GOLD & German DAX – Elliott Wave Analysis 11/6/2014

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GOLD Elliott Wave

We were looking for a break to a new low on GOLD in this week, and so far the market is moving nicely here. We are tracking wave (v) decline at the moment that can make another low today to complete a five wave cycle from 1175. However, keep in mind that market is in wave v) so downside can be limited near 1130/1120. Sooner or later metal will turn up into larger rally. Rise back above 1161.
GOLD 1h Elliott Wave Analysis
GOLD Elliott Wave
Some are trading DAX rather than EUR during the ECB press conference. Well, looking at the DAX intraday chart we actually see a very nice and clear pattern. There is a three wave decline from the high, probably complete because of a small push above the channel line. In fact, even rally from 9147 low looks impulse, labeled as wave i, so ideally price is now in wave ii minro downward retracement that can be looking for a support in 9200/9240 area. Invalidation level is at 9147; as long this one holds trend is down.
DAX 1h Elliott Wave Analysis

DAX Elliott Wave

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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.