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Gold keeps falling sharply which now looks like an extended five wave drop from 1288 so the whole decline from 1303 is rather impulsive than corrective. We are looking now at wave 3) in progress that may find a support in the near term around 1200-1215 for a short-term recovery up into wave 4). However, this whole decline since the start of May is not a new bearish cycle, but rather wave C as part of a corrective flat pattern as shown on higher time frames.


gold 4 (1)

German DAX

German Dax has turned sharply lower in April from 10500 which is looking like an impulsive structure that belongs to a bearish pattern. We labeled it as red wave A) shown on the updated count as part of a three wave drop which is expected to continue towards 9470 support area. Since we see the current leg up towards 61.8% as red wave B), the new bearish turning point can show up soon.

German DAX, 4H

DAX 4 (1)