Elliott wave Analysis: German DAX Intra-day Update

Gregor Horvat Wavetraders

Hi traders,

Dax is nicely turning to the downside from current highs (10971.0), giving us an idea of a completed five wave rally within higher degree wave iii), and that a corrective wave iv) is in progress. This unfolding correction can later look for support and a reversal near the 10784/10678 area, where former swing lows and the Fibonacci ratios of 32.8 and 50.0 can react as support.

German DAX, 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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