Elliott Wave Analysis For USDJPY And German DAX

USDJPY 1h Elliott Wave Analysis
USDJPY 1h Elliott Wave Analysis

Written by Elliott Wave Analysis Service |

USDJPY is reversing nicely from around 97.00 support area, but for now we still do not have a five wave rally that would confirm low in place and start of bullish development. We need more price action, but rally towards 98.30 will suggest that pair is in wave three of first five wave move. In such case, long opportunities could be in wave (iv) for (v) up but even better in black wave 2 for big wave 3 up. We will be tracking this pair very closely in days ahead. If 97.50 and 97.20 supports will give way, then we will know that down trend in wave E) is still incomplete.

USDJPY 1h Elliott Wave Analysis
USDJPY 1h Elliott Wave Analysis

German DAX made three waves down from September highs and then reversed from the gap area in impulsive fashion out of the corrective channel which suggests that prices will continue higher. Notice that also decline from 8700 to 8582 is in three waves that could represent wave (ii) of a new five wave bullish cycle. As such, strong rally could be seen, but 8558 and more importantly 8550 must hold. Those levels could also represent a stop region.
German DAX 1h

German DAX Elliott Wave Analysis
German DAX Elliott Wave Analysis

Written by Elliott Wave Analysis Service

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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.