Elliott Wave Analysis On GOLD And German DAX
GOLD
Gold is moving sharply to the upside since end of last week, now trading at new highs after strong break above the upper triangle line connected from 1283. As such, we will look for more upside now, finally above 1300 and then even to 1320/1340 area that can be seen at start of this month. Current retracement may look for a support at 1283 or near 1270 swing.
GOLD, 4H
Click to Enlarge
German DAX
German DAX is impulsive weakness from April highs, but don’t fall in love too much with current downside as we see market making wave C) as part of a big flat correction. As such, downside can be limited but after wave 5 completes cycle near 9600.
German DAX, 1H
Click to Enlarge
http://www.ew-forecast.com/service
Find more: Contributing Authors
