Home Elliott Wave German DAX and GBPJPY June 3 2016
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Elliott Wave German DAX and GBPJPY June 3 2016

German DAX

German DAX has three waves up at the moment from the recent swing low, so we see the recovery as corrective which can stop now at 50-61.8% Fib. level. That’s ideal resistance from where the new sell-off is expected today, while 10375 invalidation level must not be breached. Based on the current structure the decline can be very strong in sessions ahead.

German DAX, 1H

DAX 1 (2)

GBPJPY

If stocks will continue lower, then our focus for trades should remain on JPY crosses. Below I am looking at GBPJPY that is looking very bearish following a sharp turn down from 163.80 this week. We will wait on a corrective bounce from a trendline support that could offer nice short entries after a three wave bounce up in wave E of 4).

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!