Elliott wave Analysis: German DAX and GOLD Update

Mar 05,2019 08:44   Source:Forex Crunch

German DAX is making a nice bullish run from February lows, from 10860 to be precise but notice that index can be trading in the fifth wave here, so upside can be limited this week. We can also see the price that is now testing the upper side of an EW channel so we definitely would not be surprised by a pullback. Once reversal occurs, we will look for a support around 11380.

German DAX, 4h

Strong reversal down on gold from 1346, and accelerating price decline through 1316 on Friday, suggests that market is in a bearish mode and that more weakness can be coming as this looks like a wave three in progress. Ideally, this is an early stage of a higher degree decline so be aware of more weakness after a fourth wave bounce.

GOLD, 4h

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