Elliott wave Analysis: German DAX and BTCUSD
On German DAX we are tracking a five-wave recovery in play, up from 11400 area, where blue wave iv found a base. At the moment we see price trading slow and choppy, ideally unfolding a minor correction within its final sub-wave v) of c; however if price remains sideways, then a triangle can be unfolding on the stock market. In either case, more upside for a final leg may be seen above the 11700 zone.
German DAX, 1h
Looking at Bitcoin intraday chart, seems like it’s already trading lower for wave (c) that can stop around 3500 area, while BTC futures chart can be on the way down to fill the gap, also around important 3500 support area.That said, be aware of more weakness, but keep in mind that this may get even more complex, so maybe we are still in a complex wave »b«, but anyway, we are in bullish mode now, so we still expect a rally once a three-wave intraday downward correction fully unfolds.
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