Home Elliott Wave German DAX and USDJPY – Dec 2015
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Elliott Wave German DAX and USDJPY – Dec 2015

Stocks moved slightly lower in the last few sessions dragging USDJPY with it, but on both markets we see the move as a temporary pullback within an ongoing uptrend. On German DAX we expect a minimum three wave rise away from 10628, but for now that’s not the case yet, as we see a price action in wave B) down, so traders must be aware of a wave C) rally to around 11000 or even 11100 area before the corrective recovery could be finished. So for the short-term view, traders must be aware of higher prices.

German DAX, 1H

DAX 1

If DAX will go up in wave C), then USDJPY can also find some support soon. In fact, the wave pattern is also pointing higher after the recent rally from 122.30 where we called the end of a triangle in wave (iv). Despite that, we have seen a nice pullback in the last 24 hours, which looks like a three wave decline in wave ii) that may look for a support around 122.80-123.00 area. At the same time, there is a bullish head and shoulders formation that is pointing higher as well, while 122.29 holds.

USDJPY, 1H

usdjpy 1

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!