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

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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