Elliott Wave Analysis: German DAX And S&P500
German DAX was higher earlier but still below 9557 swing high so technicals remains bearish for a move back down to 9370. This can also become a bearish triangle if prices will remain trapped between contracting trendline, but short term view remains unchanged.
DAX (Mar 2014) 1h elliott wave analysis
raders, we know that when first leg from the highs unfolds in three subwaves then this move represents a part of a complex correction, either of a flat or a triangle. The important is that both are contra-trend patterns, so sooner or later larger trend will resume. This kind of situation we can see on the S&P500. We Have three down, three up and now small reversal down again that can be wave c of a flat going to 1812 before up, or it's maybe just another three wave move in progress as a part of a triangle. We know two things; #1 that patterns are incomplete, #2 that decline from Dec 31st is pause within ongoing uptrend.
S&P 500 (Mar 2014) 1h elliott wave analysis
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