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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 EURCAD

German DAX

DAX has turned lower, meaning it can be ideally heading down for wave c-circled that belongs to a flat correction in wave 2 of a higher degree. In a flat pattern you will typically see that price will retrace and then bounce from end point of wave a. In our case that comes in at 10560, but previous swing high and 38.2% are slightly lower, near 10500. As such, 10560-10500 area can be like a magnet for the short-term moves from where we will expect a bounce higher this week.

German DAX, 1H

DAX 1-Hour Chart


EURCAD

Any gaps will very rarely stay open, so despite break to a new swing low on the EURCAD, we assume that pair can make a complex correction with a possible flat pattern in wave 2. As such, 1.4760 resistance can be tested before strong wave down unfolds; ideally wave 3.

EURCAD, 1H

EUR/CAD 1-Hour Chart

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

Basic Flat Pattern:

Idealized Elliott Wave Flat Pattern

 


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