Elliott Wave intraday on DAX favoring bullish continuation [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view suggests rally in $DAX to 18892.92 ended wave ((3)). Pullback in wave ((4)) unfolded as a double three structure where wave (W) ended at 17951.17 and wave (X) ended at 18779.40. Index then resumed lower in wave (Y) towards 17039.47 which completed wave ((4)). The Index has turned higher in wave ((5)) with internal subdivision as 5 waves. Up from wave ((4)), wave ((i)) ended at 17505.23 and wave ((ii)) ended at 17233.07. Wave ((iii)) higher ended at 17666.82 and pullback in wave ((iv)) ended at 17439.87. Final wave ((v)) higher ended at 17828.87 which completed wave 1 in higher degree.

Wave 2 pullback ended at 17669.64 and Index has turned higher again. Up from wave 2, wave ((i)) ended at 17921.99 and pullback in wave ((ii)) ended at 17827.08. Index resumed higher in wave ((iii)) towards 18495.28 and pullback in wave ((iv)) ended at 18354.33. Expect Index to extend higher in wave ((v)) and complete wave 3 in higher degree, then it should pullback in wave 4 to correct cycle from 8.13.2024 low before it resumes higher again. Near term, as far as pivot at 17039.47 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

DAX 60 minutes Elliott Wave chart

DAX Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Top Crypto Gainers: Polkadot, Near Protocol, Uniswap lead market rebound

Altcoins, such as Polkadot, Near Protocol, and Uniswap, are leading gains over the last 24 hours as Bitcoin jumped 6% on Wednesday. The altcoins are holding steady at press time on Thursday following a rebound the previous day, testing the waters around their 50-day Exponential Moving Average.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.