Elliott Intraday Analysis On German DAX And USDCAD
German DAX
DAX fell after the FED meeting together with other indicies. On the intraday chart, we expected a higher pullback but DAX did not find enough buyers to go higher in wave 4. Latest three wave move to the upside we labeled as black wave 4 and because of recent intraday drop, looks like price is now trading in black wave 5 which still has more downside ahead. Out target and potential support is around 9.340 levels.
German DAX, 30 Min
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USDCAD
USDCAD is trading higher from latest lows. Still we see the impulse to the upside as incompleted and we expect a corrective pullback in the black wave 4 only to find some support around 1.2860 for another push to the upside in the black wave 5 with target around 1.3040 area.
Invalidation level is at 1.2762- as long as price trades above this level we are looking ot the upside.
USDCAD, 1H
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