Elliott Wave Analysis: USD Index in a correction; Dax in recovery

Elliott Wave Analysis: Dollar Index & Dax

A double zig-zag can be in progress on the USD Index down from the 96.98 level. We specifically see sub-wave c) of y in play, which can look for support and a bullish reversal near the 95.90/95.70 region.


USD Index, 1-hour


The German Dax is nicely reversing from the lows, now unfolding either wave iii or c, that can target area near the 12460 level. There a new possible resistance and reversal can  follow, if wave c is in play rather than three. A reversal in impulsive fashion and below the 12130 area will suggest more weakness, while a break above the 12700 level will confirm more gains.


German Dax, 1-hour

 

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.