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Elliott Wave Analysis For German Dax And EURGBP

German DAX

German DAX made three waves of a pullback from the high which is a structure of a contra-trend price action so traders should be aware of a bounce as we see this retracement within larger uptrend. It looks like a red wave 4) so new push higher can be in the cards for a red wave 5) all the way up to 10000 area.

German DAX, 1H

German Dax 1-Hour Chart


EURGBP

I am still observing EURGBP very closely for possible shorts after a pullback which I think it's not over yet. I see broken trendline so assume that price can travel slightly higher, up to 0.7812 resistance of former wave four where it's also 50% retracement so it appears to be like an area for end of wave B).

EURGBP, 1H

EURGBP 1-Hour Chart

 


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