Elliott Wave Analysis for EURAUD and German DAX
EURAUD is extremely overlapping for the last two months, so we see market in a corrective phase. We are tracking wave B that can be a very complex double-three pattern maybe already finished at recent swing low. However, a daily close above wave B) swing high is needed to confirm a continuation higher.
EURAUD 4h Elliott Wave Analysis
German DAX is also keeps trading higher, forming an extended wave three of three that is moving towards 10000 psychological level. In that region we see 161.8% extension of a black wave 1 measured from a wave 2 low which is very typical projected Fibonacci level for third waves, so we would not be surprised if bullish run will slow down around 10K, but only for a short-term corrective retracement into wave 4.
DAX (Dec 2014) 4h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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