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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…

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Elliott Wave Analysis On German DAX And Crude Oil

German DAX

On the intraday chart of German DAX, we are observing an idea of a zig-zag pattern in red wave B), that started from wave A) lows at 9392.2 and could already be near completion, as three legs to the upside have already unfold. That said broken lower channel line can suggest more weakness in seasons ahead, ideally towards 9536-9606 area, where recent gap can be filled.

German DAX, 1H

German DAX 1-Hour Chart


Crude Oil

As of recent completed five wave rally from wave iv-circled lows towards 42.47 level, we believe that price is now trading in a correction, ideally in wave b)/ii) that can reverse around 42.00-42.15 area, into wave c)/iii). That said invalidation level is at 42.47-as long as it holds, the count is valid.

Crude OIL, 1H

Crude Oil 1-Hour Chart

 


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