Elliott Wave Analysis On German DAX And GBPUSD
No change on DAX for now; price is slow but still around the highs and above the red support line so another but final push up to 10315 area can be considered. But we, however, think that upside is going to be limited and that sooner or later index will turn south for a three wave corrective set-back, especially if we get a decisive push beneath the red support line, and through 10120 mark.
German DAX, 1H
GBPUSD is trading at a new low so downward move from July 15th high is much more complex than at first sight, but still corrective. We are looking at a double zigzag that can be in late stages now with sub-wave C) moving towards 1.3000 psychological level. Psychological levels can also represent a good turning point so we need to be aware of a bounce this week. Rally in small five waves will definitely suggest more upside in sessions ahead.
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