Elliott Wave Analysis On GBPUSD And German DAX
GBPUSD
GBPUSD keeps trading higher, but with overlapping price action, which gives us an idea that maybe this whole upward motive wave can be an ending diagonal. As of recent price action we believe that price can be in wave 4 that may find its support around 1.4600 levels, near wave b, from where new turn up may show up next week.
GBPUSD, 1H
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German DAX
No change on German Dax for now. We are looking at an A-B-C recovery from the low that belongs to a bigger bearish pattern which is expected to resume soon, since market moved nicely up into our 10280 resistance area. For patient traders a small impulsive drop back to around 10100 area will be needed to confirm a bearish continuation towards 9700.
German DAX, 1H
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