Top trade idea for December 29th, 2015 – DAX
By Gregor Horvat on Dec 29, 2015 03:54:40 GMT
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.
EXCLUSIVE Limited-time Offer Is Now Available: Yearly Membership with 31% Off compared to Monthly plan.
Plus you will get a Gift “ELLIOTT WAVE TOOL FOR MT4” (Click Here For Video)for easy and faster labeling of your own wave counts in Metatrader 4 platform.
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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service
Recent posts by Gregor Horvat
- Top trade idea for November 16th, 2016 – EUR/USD
- Top Trade Idea For November 1st,2016 – Crude Oil
- Top trade idea for October 18th, 2016 – USD
Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.