Strong recovery, German Dax

Elliott Wave Analysis: German Dax

German Dax made a strong recovery last week, clearly with an impulsive structure from 10337 so we think that index has turned bullish. If that's the case then we know that uptrend will resume after a three wave of a set-back. We see an a, -b and -c pattern now underway to 10470-10490 area where traders may see a bounce in the next 24 hours.

German DAX, 15-min

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com.