GOLD and German DAX Intraday: Elliott Wave Analysis 8/8/2014

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135

Gold broke to the upside yesterday as expected, market is now rallying in wave v of iii) that reached levels at 1322 today, just $1 away from 261.8% Fibonacci extension target. From that area we may see a reversal back into a fourth wave, that will be just another correction within ongoing strength.
GOLD 1h Elliott Wave Analysis
GOLD Intraday
On German DAX we have seen a new low yesterday, a decline beneath 0.9000. But break-down came from a triangle and we know that triangles occur prior to the final move within a larger trend, so sooner or later market will recover. Ideally we will see a bounce in three legs back to former wave (iv) @9160.
German DAX (September 2014) 1h Elliott Wave Analysis

DAX 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.