Elliott wave Analysis: GOLD and German DAX Update 

4h dax oct 30 2018

Gregor - Author BIO photo

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.

GOLD, 4h

4h gold oct 30 2018

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

4h dax oct 30 2018


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.



By Gregor Horvat

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