Elliott Wave Analysis: GBPUSD and DAX
GBPUSD is falling strongly down from 1.2568 which looks like an impulsive reaction so it's likely part of an even more complex decline as we see current leg as wave C of Y). However, despite bearish moves the whole structure of February has a corrective look so we think that downside can be limited, but bounce will likely happen from beneath 1.2347 low. Based on Fib. levels we see 1.2250-1.2300 as every interesting area for a new turn up.
German DAX is still somehow under pressure following that strong decline to 11700 last week, while US markets are still near the highs. However, we see E-mini S&P500 in a fifth wave so if upside will be limited, then DAX can extend it's weakness; ideally into wave five of A. That said, one leg down is still missing to call a top in place near 12030. A push up from here and above 11923 would suggests that new highs are coming.
German DAX, 1h