Home Elliott Wave on S&P500 and German DAX Dec 2 2015
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Elliott Wave on S&P500 and German DAX Dec 2 2015

After looking across the different markets, I realized that the USD is ready to make at least one leg up, which means that EURUSD can retest the lows around 1.0560. The single most important reason is a stock market, which remains in an uptrend, especially now as E-mini S&P500 breaks above 2100 so there is room for a move up to the 2110 area minimum.

S&P500, 1H

snp 1

We also see German DAX trading in a corrective wave; possibly making an expanded flat in wave four might be looking for a support around the 11160/11180 region. Ideally, market will bounce from there later today.

German DAX, 1H

dax 1 (5)

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:

regular flat (1)

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!