Market Overview

Intraday Elliott Wave Analysis: S&P500 And German DAX


Markets are moving sideways in very tight ranges for the last 12 hours. The USD remains in bullish mode against the most of the currencies while the S&P futures are trading sideways, most likely trapped in a triangle within larger downtrend. At the same time we are looking at two different counts on the German DAX where both scenarios suggests another leg to the lows.

The S&P found a support yesterday but turned down from 1793 so basically this market is trading in range which we think it represents a fourth wave within ongoing trend. We are looking at the triangle count with wave e yet to come before downtrend resumes. Critical invalidation level is at wave a highs, at 1801.
S&P 500 (Mar 2014) 1h Elliott Wave Analysis
spx elliott wave analysis
As we mentioned above on DAX we are tracking two counts where both are pointing for the same direction as the S&P, to a new low. On the first count we are already tracking wave B, but a complex flat correction where sub-wave (b) may stop around 9200.
DAX (Mar 2014) 1h Elliott Wave count #1
german dax elliott wave
The second count is slightly different but same idea; new low before going up.
DAX (Mar 2014) 1h Elliott Wave count #2

german dax elliott wave 2

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