Top trade idea for December 29th, 2015 – DAX

Top trade idea for December 29th, 2015 – DAX

By Gregor Horvat on Dec 29, 2015 03:54:40 GMT

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German DAX has turned lower few weeks back but it can be only a temporary retracement if we consider that big trend is up after a three wave drop from April high to September low. We labeled this as big corrective wave four so trend can continue back to the highs in months ahead. At the same time we also see a bullish head and shoulder pattern that can be in late stages; currently in right shoulder so new bounce can occur soon. Rally above 11430 can open door for 13000.

On the 4h chart we can see that pullback was very aggressive a few weeks back. But despite strong decline we see DAX in a corrective, only temporary pullback. On the updated chart recent decline represents wave (Y) of a complex correction that found a support around 10200 area.  So far, we have seen a nice bounce from there so traders must be aware of more gains into the year end, and at the start of 2016.

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About Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: Try’s Services Free For 7 Days at

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