We have seen some risk-off moves on European markets with the Dax falling more than 100 points on the day down to 9500 where recent support was found. From an Elliott Wave perspective we see the Dax in an expanded flat correction with wave (c) now underway down to 9430-9470 support area. Wave (c) also needs to be made by five subdivisions so looks like there is room for more weakness before corrective pullback can be finished.

However, our bias is still bullish, just waiting on signs for resumption of an uptrend. We can also see that DAX is weaker compared to the S&P 500 which is still in bullish mode, so if US markets will continue back to the highs then DAX will follow, even if with a delay reaction.

Dax Hourly Analysis:

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Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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