Elliott Wave Analysis On GOLD And German DAX

Gregor Horvat

On the 1H chart of GOLD we are observing a five wave impulse from July lows taking place, with price now trading in a possible correction in blue wave iv. That said we know that after every five wave movement a minimum three wave contra-trend action follows, meaning a little more weakness could come in play. Ideally GOLD will find support around the 38.20 and 50.0 Fibonacci ratio and continue higher. Invalidation level is at 1324- as long as it holds we are looking bullish. 

Gold Hourly Chart

Gold Hourly Chart

On the 1h chart of DAX, we can see that price made a nice five wave move in blue wave v of 3, meaning that black wave 3 can now be completed and a correction in wave 4 may follow. As such we believe that this corrective wave 4 can find its support around the area of a former wave iv.

DAX Hourly Chart

DAX Hourly Chart

Source: www.ew-forecast.com

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