Elliott Wave Analysis For German Dax And EURGBP

By: Gregor Horvat | Mon, Mar 7, 2016
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German DAX

German DAX made three waves of a pullback from the high which is a structure of a contra-trend price action so traders should be aware of a bounce as we see this retracement within larger uptrend. It looks like a red wave 4) so new push higher can be in the cards for a red wave 5) all the way up to 10000 area.

German DAX, 1H

German Dax 1-Hour Chart


EURGBP

I am still observing EURGBP very closely for possible shorts after a pullback which I think it's not over yet. I see broken trendline so assume that price can travel slightly higher, up to 0.7812 resistance of former wave four where it's also 50% retracement so it appears to be like an area for end of wave B).

EURGBP, 1H

EURGBP 1-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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