Elliott wave Analysis: DAX, The S&P500 and XXX/JPY Pairs Having a Great Connection; A Bullish Reversal in View

May 14,2019 04:18   Source:Forex Crunch

Stocks are lower, still in search of support. We see German Dax reaching a very interesting area around 11800 where bears may slow down as second zigzag seems very similar in a distance of the first zigzag. Ideally, there will be a strong bounce from that area, but it should be in impulsive fashion to confirm this reversal. A break and rise above 12k would be important evidence for more upside in the upcoming days.

German DAX, 30Min

E-mini S&P500 can also be completing a complex decline from May 1st, here around 2800. We are waiting on an impulse; a small five wave rally to confirm a turning point.

S&P500, 1h

If stocks would rise then we should watch for XXX/JPY pairs very closely, especially if USDJPY will put in a low here at 109.00.

USDJPY, 1h

The post Elliott wave Analysis: DAX, The S&P500 and XXX/JPY Pairs Having a Great Connection; A Bullish Reversal in View appeared first on Forex Crunch.



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