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German DAX and USDJPY Intraday: Elliott Wave Analysis

DAX is down, now in wave (c), possibly in final leg of a double zigzag that can be looking for a support around 9600, maybe at 9500. However, we should not get too excited yet with any bullish pattern on stocks, as we need five waves up first. Ideally we will get a bounce above 9800 that would confirm end of a downward correction.

DAX 1h Elliott Wave Analysis

DAX 1-Hour Elliott Wave Analysis Chart

USDJPY is turning down today, in line with weak European equities. we are looking at wave c) that can decline even to 118.60/118.20 with five waves, before a decline from Dec 23 high can be finished. As you see we are looking at a flat in wave (ii), so if we are correct then rally should resume later this week.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

 

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