Elliott Wave Analysis on USDCHF and DAX

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German DAX

Price is still trading towards the lower trend line within wave 5-circled that can represent a final leg within wave C of wave IV). If we are correct, then we know that the downside is limited, so ideally the price will bounce up from round 8600-8800 area. But as always, we need to be careful with a bullish call until we see a five wave rise from the low. Only five waves up and a break above 9610 will confirm a bullish scenario.

German DAX, 4H

dax 4

USDCHF

Finally, USDCHF has turned sharply to the downside in the last few days, clearly in impulsive price action that can be near completion as the current leg down from 0.9972 looks to be in minor five waves so it’s probably wave 5). That said, be aware of limited downside around 0.9650 from where we expect a bullish turning point, but a trend change can be confirmed only with five waves.

USDCHF, 4H

USDCHF 4

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About Author

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!

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