German DAX and USDJPY Intraday: Elliott Wave Analysis

By: Gregor Horvat | Mon, Jan 5, 2015
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DAX is down, now in wave (c), possibly in final leg of a double zigzag that can be looking for a support around 9600, maybe at 9500. However, we should not get too excited yet with any bullish pattern on stocks, as we need five waves up first. Ideally we will get a bounce above 9800 that would confirm end of a downward correction.

DAX 1h Elliott Wave Analysis

DAX 1-Hour Elliott Wave Analysis Chart

USDJPY is turning down today, in line with weak European equities. we are looking at wave c) that can decline even to 118.60/118.20 with five waves, before a decline from Dec 23 high can be finished. As you see we are looking at a flat in wave (ii), so if we are correct then rally should resume later this week.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

 


 

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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