Elliott wave Analysis: GOLD and German DAX Update
Gold has turned nicely to the upside at the end of September, after a full completion of a corrective wave B which found a base at the 1180 level. We can see that precious metal unfolded a five-wave rally within wave C of E); a final leg of a bigger correction, which can now point towards a reversal. That said, we expect to see a minimum three-wave reversal to the downside in the upcoming days, into the 1220 price region and below.
German DAX is slowly picking up from the lows, indicating that a bigger bearish wave 3) found support, and a temporary correction as wave 4) is now in play. If so, then wave 4) may unfold a three-wave pullback which can look for resistance this week near the Fibonacci ratio of 38.2. This comes in close around 11527 gap which can be a nice turning point as well.
German DAX, 4h
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