Elliott Wave Analysis On German DAX And SP500
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
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.
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