Elliott Wave Analysis: German DAX Could Face A Reversal Soon

We have seen DAX push up to a new high on in the last 24 hours which has been expected from an Elliott Wave point of view since the decline down to 12413 has unfolded in three waves. It was a corrective set-back that put a new impulse leg higher in play, which we see as the fifth wave. That’s a final leg within a higher degree pattern so a change in trend may occur in the near-term. Technically speaking a three wave reversal lower may occur from around 12540-12560 zone.

German DAX, 1H

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from Forex Crunch http://feedproxy.google.com/~r/ForexCrunch/~3/DSCpKvgzaqg/

from Online Forex Trading Resource
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