Elliott Wave Analysis On SP500 And German DAX

By: Gregor Horvat | Thu, Aug 25, 2016
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S&P500

Below I am looking at the E-mini S&P500 where price fell to a new intraday low so we assume that's fifth wave of wave C) in progress now that can be headed to 2160/65 area. A turning point from there may follow; ideally in similar fashion like down from 2191 at the start of the week.

S&P500, 1H

S&P500 1-Hour Chart


German DAX

European shares are down sharply today, espeically those from UK as FTSE 100 index falls to 6775 few hours back. DAX also has made a sharp turn down from 10650 resistance which has momentum to reach lower levels. An updated count shows ongoing wave C decline to around 10330 region, where we would expect a bounce; ideally tomorrow.

German DAX, 1H

DAX 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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