Elliott Wave Analysis: DAX and GOLD
Elliott Wave Analysis: DAX and GOLD
German DAX
A sharp turn down from 11890 on DAX suggests that index accomplished a five-wave movement within extended blue wave 3 and that current reversal represents a corrective structure in wave four. We are observing idea of a three wave A-B-C structure with current price moving up into sub wave B which is now testing upper resistance at 11800. We see a small gap here from end of January that can cause a new turning point for wave C down. However, sentiment is very bullish, so it’s important to wait on a drop back below 11640 before we can call end of a wave B.
German DAX, 4H
GOLD
Gold has turned nicely bullish two months back with clean five waves up from 1120 area, which means that trend has changed from bearish to bullish mode. However, nothing moves in straight lines so drop from January highs down to 1180 was not a surprise; a contra-trend move in three waves that can represents a completed blue wave 2. That said, looking at the updated count we can now see price resuming the uptrend which can accelerate after current sub-wave 2) is finished near 1207-1215.
GOLD, 4H
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