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Elliott Wave Analysis: German DAX and GBPJPY

Good morning traders.

Stocks remain in bullish mode which keeps the Japanese in a bearish trend, while yjr USD is showing a mixed picture. The Pound is still very strong. On DAX we see a slow price move above 12470; it’s probably a corrective move in fourth wave; ideally a triangle that can lift the price back to the highs soon.

DAX, 1H

While Stocks are up we expect XXX/JPY pairs to move even higher. AS such, we are tracking GBPJPY which is in a strong uptrend this week, currently seen in wave five of 3 which could be looking for a top in the very near future; ideally next week around 149-150 zone.

GBPJPY, 1H

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!