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Elliott Wave Analysis: Dax and Silver

Dax recently traded into our region of resistance, near the Fibonacci ratio of 50.0 and 61.8, which usually presents a turning point zone. This means more weakness could follow on the pair in the near-term. A breach below the previous swing low of wave B would be and indication for more bearish pressure.

German dax, 1h

German DAX 1-Hour Chart

Silver is undergoing a sharp and strong recovery within wave 3)/C), which means we can see metal reach even higher in days ahead. We have 17.46/17.70 region in view, where Fibonacci projection indicates a wave 3) or C) termination point. Even recent breach above the upper channel line indicates more gains to follow and a possible support for upcoming minor corrections.

Silver, 1h

Silver 1-Hour Chart

 


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