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

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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