German dax suggests limited upside: Elliot wave analysis

Gregor Horvat Wavetraders

Hello traders,

German DAX has made a very strong recovery from March lows, however, this recovery can now be slowing down based on two interpretations we are observing. The first one shows a potential flat correction in the making for a wave II, where we are looking for a five-wave fall into wave C even back towards 1600 level. On the second count, we have a potential top formation in wave 5 of I. This count is also a bearish interpretation for the near future, as deeper, thee-wave A, B, C set-back can show up.

At the same time, let us also mention that market is turning down from above 13300 with a sharp drop, breaking below the trend line connected from June lows, so traders should be careful and be aware of a risk-off.

From a long to mid-term perspective we think that there will be opportunities on the long side on the stock market, but best is to wait on lower, better prices.

German DAX, 4h

German DAX, 4h (count #2)

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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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