Elliott Wave Intraday Analysis: GOLD and German DAX

GOLD

Gold is higher, but trading slowly and with three sub-waves, so we see the recovery as wave four that belongs to a downtrend. The price already retraced the same distance compared to wave two, so it may be time for a bearish turn in the next few hours. We see room for a fifth wave fall to 1190, which may come in play once 1218 is broken.

GOLD, 1H

German DAX

No change on DAX. At the moment we see the price making a corrective pattern, ideally a three wave retracement down into wave 2/B that can see the 10550/10500 area, which could be an ideal support for a new turn to the upside later this week. A break and daily close above 10800 will indicate completed corrections that will open the door for 10900.

German DAX, 1H

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!

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