Elliott Wave Analysis On German DAX And SP500

By: Gregor Horvat | Tue, Jun 28, 2016
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German DAX

German Dax is trading quite nicely, making a five wave move to the upside from recent lows at 9201.50. We know that after every five wave move, a three wave correction follows, so we believe a temporary pullback may be in store in the next few sessions. Regarding the gap, we know that after a gap is open, it has to be closed or covered, so in our case, we believe price will continue to go to the upside, and entirely cover the gap.

German DAX, 30Min

DAX 30-Minute Chart


S&P500

Stocks bounced from their lows strongly. S&P500 posted some potential lows after five waves down had unfolded in the blue wave C. We can now count a clear structure with an ending diagonal pattern at the end. An ending diagonal is a powerfull reversal pattern, which after its completion tends to make a sharp reversal higher, ideally reaching the start point of this patter.

S&P500, 30Min

S&P500 30-Minute 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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