Elliott Wave Analysis On GBPJPY And German DAX
Market did not move much in the last few hours, so we are waiting on US hours for some momentum and volume. On intraday chart below we are looking at GBPJPY that is trading south for the last few days, but price move is very slow and overlapping so it shows personality of a wave c which is usually slower than wave a. As such, downside can be limited this week on this pair, ideally around 136.50 where former wave four and 50% Fib. retracement can turn into a nice support.
German Dax is higher today, but is showing a wedge pattern from around 9900 area that can be an ending diagonal if we consider that index is in fifth wave of an impulsive advance from 9290 low. That said, traders should be aware of a bearish turn, but ideally after 10315 is touched. Why 10315 matters? Because that was the last price before that big gap down occur after UK votes confirmed BREXIT.
German DAX. 1H
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