Elliott wave Analysis: German DAX and EURUSD Intra-day Developments

Gregor Horvat Wavetraders

Hi everybody!

DAX is still unfolding a five-wave rally from the lows which can be an indication of a bottom at 10276. So, currently we are tracking a wave iv) correction that can be either a flat or a triangle pattern, so sooner or later DAX can be headed back to the highs for wave v), while it stays above 10600 area. Technically speaking, after today's gap down, ideal support for wave iv) would be here around 10780 and 10670 levels.

German DAX, 1h

EURUSD made a pretty big decline from 1.1568 highs followed by a break below channel support line which can be the first evidence of a bearish reversal. That being said, at the moment, we only see three waves from the highs, so only if we see an extension and acceleration towards 1.14 area, only then we may start considering a bearish five-wave cycle.

EURUSD, 1h

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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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