DAX May Still Go Higher

By: Gregor Horvat | Tue, Oct 20, 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 10600/10800 before downtrend will continue into wave (C).

German Dax, Daily

German Dax Daily Elliott Wave Chart

On the 4h chart, German DAX is trading higher and it seems we will see even more gains in sessions ahead as recent pullback to 9900 was wave 4 as part of ongoing five wave recovery. We see this move as wave C) as shown on the updated count which is part of a big flat correction, so index can even reach area of a former wave A) near 10550-10600 before weakness can again show up.

German Dax, 4h

German Dax 4-Hour Elliott Wave Chart

 


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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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