Elliott Wave Analysis: DAX and GOLD
German DAX
German Dax is trading nicely higher for the last two days which must be an impulsive price move, an extended red wave iii) up from around 11510 which touched our FIB resistance area at 11850-11890. As such, it may be time for a deeper corrective retracement, lower into wave four in the very near-term. But any pullback will be just another pause within ongoing uptrend.
German DAX, 30Min
GOLD
Gold is trading nicely bullish for the last month with clean five waves up from 1120 area, which means that trend has changed from bearish to bullish mode and that temporary correction could be just around the corner. That said an updated wave count suggest an impulsive wave 1 now being finished and a minimum three wave reversal in motion with price currently pointing down within sub-wave C of wave two.
Some support may come in around the 1177/1187 region.
GOLD, 4H
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