German DAX Is Expected To Go Lower

By: Gregor Horvat | Tue, Oct 13, 2015
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German DAX fell sharply down this summer so we see price in big wave IV) pullback which could reach much lower levels by the end of the year, but after wave (B) rally is complete which seems to be underway now to higher levels. Ideally price will hit 10800 before downtrend will continue into wave (C).

DAX Daily Chart

On the 4h chart, German Dax has turned higher as expected last week, after the market completed a five wave decline in wave (A) a week before. We know that after every five waves market will make a retracement in three legs. Well, notice that index already made three waves up from the low so we must be aware of a new bearish leg to the downside. Ideally market will find a top in the next few days, at current 10200 zone, but top can be confirmed only if price goes beneath 9907 bearish level.

DAX 4-Hour 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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