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Elliott Wave Analysis On German DAX And GBPUSD

German DAX

DAX fell down to our levels, into 10200-10230 area where Fibonacci support may send price back to the upside. Let's also keep in mind that leg down from 10768 is now in five waves so wave C can be in late stages of a flat correction in wave 4), which means that sooner or later price may bounce. Ideally we will see reaction back to 10400 in the next few sessions, which is also suggested by a triangle as this one normally occurs prior to the final wave in the larger pattern.

German DAX, 1H

DAX 1-Hour Chart


GBPUSD

GBPUSD is trading down with lower lows and lower swing highs from 1.3444 high but with overlapping price action so we think that decline is going to be temporary. We see it as a double zigzag unfolding in wave D) that belongs to a big triangle consolidation, so despite current weakness we need to consider another bounce next week, up into wave E) of four. Ideally short-term Fib. levels at 1.3100 will be the next support for the pair.

GBPUSD, 30Min

GBP/USD 30-Minute Chart

 


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