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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 EURUSD

German DAX

On the intraday chart of German DAX, we are observing an idea of a complex correction, that is placed in wave 4. This correction is called a triangle pattern, which is a continuation pattern, meaning that after it's finished, price may continue to go short, ideally reaching towards 9579-9700 region, where some Fibonacci projection levels, can react as a support and a turning point into higher levels.

For now wave e, the last leg of a complex correction pattern is still missing, so we would not be surprised if price bounce higher to around 9959 area and then make a reversal lower.

German DAX, 1H

German DAX 1-Hour Chart


EURUSD

EURUSD is still trading to the downside, now at 1.11800 area, where our Fibonacci ratio of 261.8 can come in play, and react as a support and a turning point into wave 4. As we know wave four usually becomes more complexed than wave two correction, so we would not be surprised, if prices slows down for a couple of days and then continues lower. After wave 3 is completed, wave 4 can touch levels around 1.12349 region, where formal wave iv, can act as a turning point.

EURUSD, 1H

EUR/USD 1-Hour Chart

 


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