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

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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