Elliott Wave Overiew on S&P500 And German DAX
US stocks once again rallied to the highs yesterday, but on the S&P we see possibility of an irregular correction that could be now unfolding. If pullback will occur then this will be nice for traders who want to join the trend. We still see 1785-1795 as nice zone for a potential completion of a corrective price action.
S&P 500 (Mar 2014) 1h
German DAX is also bullish after clean five waves rally from 9025. We know that after every five wave’s correction will follow so be aware of a three wave set-back in the near future. Ideally market will retrace back to 9423 swing before uptrend will resume. A divergen on the RSI also suggests that price is in final stages of current impulse.
DAX (Mar 2014) 1h
Written by www.ew-forecast.com
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