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Elliott wave Analysis: German DAX and GOLD Update

German DAX is making a nice bullish run from February lows, from 10860 to be precise but notice that index can be trading in the fifth wave here, so upside can be limited this week. We can also see the price that is now testing the upper side of an EW channel so we definitely would not be surprised by a pullback. Once reversal occurs, we will look for a support around 11380.

German DAX, 4h

Strong reversal down on gold from 1346, and accelerating price decline through 1316 on Friday, suggests that market is in a bearish mode and that more weakness can be coming as this looks like a wave three in progress. Ideally, this is an early stage of a higher degree decline so be aware of more weakness after a fourth wave bounce.

GOLD, 4h

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!