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Elliott Wave Analysis on German DAX and AUDJPY

Global stock markets are trading in green today following some upward movement yesterday on European and then also on US markets. At the same time JPY lost some value but it may find support once again for the next few sessions if stocks will be limited on the upside, but maybe not for long. Notice that on DAX, we are looking at a five wave rise from the low, labeled as leading diagonal. It can be wave (A) so more upside should follow in days ahead then, but only after wave (B) retraces back to around 9900-10000 area.

German DAX, 1H

DAX 1 (2)

If stocks will turn down for a minor correction, then the same thing can happen with AUDJPY where we are tracking wave 4, but sub-wave (b) is yet to come which may reach 81.00 area before we go up to 84.50.

AUDJPY, 4H

AUDJPY 4 (3)

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!