• 2 hours Gold Miners Eye Big Third Quarter Profits
  • 8 hours The U.S. Doubles Down On Domestic Lithium Production
  • 1 day Reddit Trader Scores 14,000% Returns On Rogue Trade
  • 2 days The Tangled Web Stretching From Turkey To DC
  • 2 days The U.S. Dollar Eyes Greater Upside
  • 2 days More And More Americans Believe A Recession Is Looming
  • 2 days Is The Pot Stock Boom Over Already?
  • 3 days How The California Utility Crisis Could Have Been Avoided
  • 3 days The Ugly Truth About Investing In Private Equity Deals
  • 4 days The World Is Facing A $1 Trillion Food Waste Crisis
  • 4 days Is It Time To Buy The Dip In Gold?
  • 4 days The History Of Oil Markets
  • 5 days Three Stocks To Watch Ahead Of Earnings Season
  • 5 days Markets Flat As Bulls And Bears Battle It Out
  • 5 days The Mining Industry Still Has a Human Rights Problem
  • 6 days 5 Billionaires Booted From Their Own Companies
  • 6 days Can Toyota's Hydrogen Car Take On Tesla?
  • 7 days Why Universal Basic Income Won't Work
  • 8 days Is This The Real Golden State?
  • 8 days Blockchain Firm Pushes For Ethical Mining
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Gregor Horvat

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…

Contact Author

  1. Home
  2. Markets
  3. Other

German DAX: Downtrend Still In Play

DAX is trading higher this week but so far rally is not impressive; we see some slow moves here so it can easily be a corrective movement. An updated count shows a possibility for wave 4 that can be looking fro a resistance near 10000 psychological level. A new fall from there can be seen then, down into the wave 5, final leg of an ending diagonal. We would turn bullish only ifprice would rally above to 10400/10500.

German DAX, 4H

German DAX 4-Hour Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns.

An Ending Diagonal Pattern:

Elliott Wave Idealzed Ending Diagonal Pettern

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment