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Elliott wave analysis: DAX Reaching for 13221 Resistance


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Dax is unfolding a choppy, slow and overlapping price movement for the last few weeks, which gives us thinking that a higher degree correction within downtrend is in progress. We labeled this complex rally as a potential Elliott wave flat pattern, that forms a 3-3-5 structure and can search for resistance and a turning point near the former swing high at 13221 level and near the Fibonacci ratio of 61.8. A later drop in five-waves would suggest a completed pullback.

German DAX, 1H

intra, dax

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Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple 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.

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