Elliott Wave Analysis: German DAX Looking Down

Gregor Horvat Wavetraders

Dax is unfolding a sharp decline on intra-day chart, which we now see it as part of a bigger wave C. Specifically we see price trading in the steepest and strongest sub-wave three, which can extend its gains towards the Fibonacci ratio of 161.8, before make a three wave temporary correction into the following wave iv. Resistance for the upcoming wave four can later be around the 12306 level.

German dax, 1h

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All 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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