Elliott Wave Intraday Analysis: DAX and S&P500

Gregor Horvat Wavetraders

NFP figures came out better than expected which is positive for stocks, so DAX turned up nicely from around 10400 area. We see an impulsive reaction now back above 10500, but we still need a daily close above 10600 to confirm end of a corrective set-back. Ideally, uptrend on DAX will resume next week, same thing goes for E-mini S&P500 if we see break above 2203 bullish level.

German DAX, 1h

S&P500, 1h

Author

Gregor Horvat

Wavetraders

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

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