NASDAQ and DAX Could Turn Up This Week

By: Gregor Horvat | Tue, May 5, 2015
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DAX has sold-off sharply from around 11770 today so looks like that new swing low is coming as current decline seems very sharp. We think it represents wave C) of a second zigzag in wave (4) that can retest the lower side of a corrective channels. Ideally price will bounce from that area.

DAX 4h Elliott Wave Analysis

DAX 4-Hour Elliott Wave Analysis Chart

Nasdaq100 is down today, but with three waves from the latest high against previous five wave rally from the low. As such, we see market in temporary weakness that is seeking for a support around now at 4430-4450 area. Apr 30 low is invalidation level.

NASDAQ100 (June 2015) 1h Elliott Wave Analysis

NASDAQ100 (June 2015) 1-Hour Elliott Wave Analysis Chart

 


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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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