German DAX can turn into 11900/11860 area - Elliott Wave Analysis

Gregor Horvat Wavetraders

Good morning traders.

Today it may be an important technical decision regarding stock market, once the US NFP figures come out. Non-farm payrolls are expected to add 158,000 new workers in August, while the unemployment rate is predicted to be unchanged at 3.7%.

Technically speaking there will be a sell-off on stocks as I see a lot of important indexes at resistance. But of-course I will need to see a weekly close price to make sure we are on the right track.

I see German Dax trading within wave five that also shows a five-wave subdivision at this stage so a turning point is what we expect; at least back to former wave four which is 200-300 points lower.

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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