Elliott Wave Analysis: German DAX And AUDNZD
Elliott Wave Analysis: German DAX And AUDNZD
As we can see on the chart, DAX can be trading in final stages of a corrective retracement, in wave C. We see current leg down as sub-wave v of C, that can see limited downside near the lower channel line. Later a five wave recovery will suggest a change in trend and more gains to follow.
DAX, 1H
Let’s look at AUDNZD now. AUDNZD is trading quite choppy and slow since last week of July, which gives us an indication that price may be unfolding a corrective wave. As we can see we expect wave 2 to unfold, ideally as a flat correction. A pattern that consist out of a 3-3-5 structure. As we can see on the chart, sub-waves a and b are completed, which means only wave c to the upside is needed for the completion of the pattern. Ideally more gains will step in on the pair and take price higher towards the 1.0710 resistance area, from where a turning point lower will later come in play.
AUDNZD, 1H
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