Elliott Wave Analysis for EURAUD and German DAX

By: Gregor Horvat | Tue, Nov 25, 2014
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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

EURAUD 4-Hour Elliott Wave Analysis Chart

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

DAX (Dec 2014) 4-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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