USDCAD and German DAX: Elliott Wave Analysis

By: Gregor Horvat | Thu, Feb 12, 2015
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USDCAD has turned nicely lowest recently, and seems like top for wave B) could already be in place. We however need a five wave decline from 1.2696 to confirm a change in trend. If market will stay bearish today and close somewhere beneath or around 1.2500 then we could be considering shorts soon.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart

Stocks are higher today with DAX nearly 200 points higher. Notice market found bullish momentum after a broken trendline which now confirms end of wave 4. Current leg is also very strong today so we believe that price is in wave (iii) of 5 that will be targeting new highs, possibly even 11100 -11200 area in sessions ahead.

DAX (Mar 2015) 1h Elliott Wave Analysis

DAX (Mar 2015) 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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