Stocks Indexes Are Down Today- Looking At SP500 and German DAX

By: Gregor Horvat | Mon, Aug 17, 2015
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E-mini S&P500 is also falling with German DAX, now breaking the support channel line, so it appears that big triangle on the S&P500 is still in play. On the intraday chart below we are tracking wave E) that can move into 2060-2070 support area this week. We expect a bounce from that region after a three wave set-back.

S&P500 (Sep 2015) 30min Elliott Wave Analysis

S&P500 (Sep 2015) 30-minute Elliott Wave Analysis Chart

Stocks indexes are down today, with DAX breaking towards 10800 area which has been in view for the last few days as we anticipated a fifth wave down, final leg that can complete a larger impulsive decline this week. As such, we need to be aware of a bounce in days ahead, maybe already from around current levels as price trades into some important Fibonacci support zone.

DAX (Sep 2015) 1h Elliott Wave Analysis

DAX (Sep 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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