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Elliott Wave GBPJPY German DAX and August 29 2016

German DAX

DAX can be turning down for another leg to around 10330 or maybe even the 10200 level, as we see the triangle placed in wave B. This is a continuation pattern that is pointing down into wave C of 4) while the market is trading beneath10660.

German DAX, 1H

DAX 1 (4)

GBPJPY

GBPJPY is moving up for the last few days, but bulls can slow down as we see the market trading at 134.00 area. It appears like a nice resistance region from where the market may turn south again from wave four into wave five of a decline. A decisive break beneath the channel support line will indicate a completed recovery.

GBPJPY, 4H

GBPJPY 4

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!