Elliott Wave Analysis On German DAX And GOLD
DAX has been trading to the downside at the start of the week, so we believe that index moved into a more complex corrective pattern, a flat correction that found a base at the 10020 mark. That said, based on the latest turn up from 10000 psychological area, we can say that this correction is now completed and that more upside may be in view especially after wave 2 pullback that can already be in progress. Support can be found at 10500-10550 region.
German DAX, 4H
GOLD
Gold is moving slightly higher, now out of a downtrend channel which is first but important evidence of a slower bearish price action, that is actually not a surprise since we called that leg down from 1232 as wave five. With that said, traders should be aware of a three-wave recovery, normally back to the area of a former wave four which is at 1232 that can be achieved by the end of the week. If price would continue down from here, then next area for a possible turn is 1190/1195.
GOLD, 1H
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