OIL Finds Short Term Support, German DAX May Face Resistance

By: Gregor Horvat | Thu, Feb 26, 2015
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Crude oil is down today, but it found a support 30mins back at 61.8% which is the most important Fibonacci level for a new swing. Ideally that was a low of a wave i/b, so third leg up is in view. Short-term rally through 50.40 will open door for $52.

WTI CRUDE 1h Elliott Wave Analysis

WTI CRUDE 1-Hour Elliott Wave Analysis Chart

German DAX is at all time highs, but current leg to the highs is still slow based on the RSI reading. Also, we see wave 5) now reaching triangle measurement level that can react as a resistance. However, break beneath 11170 support is needed for any trend change. Keep an eye on that level.

DAX 1h Elliott Wave Analysis

DAX 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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