Elliott wave Analysis: DAX, S&P500 and Nasdaq100

Gregor Horvat Wavetraders

Good morning traders!
US attacked Syria on Friday, a few hours after the US close, which I firstly through it will hurt the markets, so I expected gaps lower but it appears that markets do not care much at the moment. However, there is still big risk because of Russia and US conflict, that can send stocks down. Technically speaking, we see SP500, NASDAQ100 and even DAX in late stages of a current bullish run.

On Dax we are looking at an ending diagonal that can stop at 12600, while NASDAQ100 and SP500 have resistance at 6800 and 2700.

German dax, 1h

Nasdaq, 1h

S&P500, 1h

If these observations play out as expected, then stocks can face a nice bearish reversal in sessions to follow, also xxx/jpy pairs, as they trade in positive correlations.

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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