WTI Crude OIL and German DAX Look To Move Higher - Elliott Wave

By: Gregor Horvat | Tue, Sep 8, 2015
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No change on WTI crude oil for now; price is still looking down for deeper levels within wave c) of b) that can be targeting 42.00 level (equality Fib. level) where energy could finally turn to the upside. Keep in mind that we see a pull-back from 49.30 as a corrective move that is part of a much bigger three wave rise away from August low. That said, price is expected to move back above 49.30 this month.

WTI CRUDE OIL 1h Elliott Wave Analysis

WTI CRUDE OIL 1-Hour Elliott Wave Analysis Chart

German DAX is trapped in big 500 point range but it's contracting so we see it as a triangle in wave B if we consider much clearer and direction leg up in wave A. As such, we suspect that price will reach higher levels, but after wave (e) pullback that must hold then 9957 invalidation level. Ideally support will be seen around 10000-10100.

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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