DAX: Unfolding a sharp decline

July 21, 2017 10:19 AM
Elliott Wave Analysis: German DAX

The German DAX is unfolding a sharp decline on the intraday chart, which we now see as part of a bigger Wave C. Specifically we see price trading in the steepest and strongest sub-wave three, which can extend its gains towards the Fibonacci ratio of 161.8, before making a three wave temporary correction into the following Wave iv. Resistance for the upcoming wave four can later be around the 12,306 level.

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. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/