Intra-day updates: Silver and German DAX

Intermediate

Good day traders!

Silver is trading within wave v), specifically within sub-wave iv, that can see intra-day resistance at 16.18 level and push price lower. Former wave of higher degree wave iv) at 16.45 level indicates an extension of price towards the 15.86 region, where Fibonacci ratio of 61.8 can offer support and turn price higher, into a three-wave recovery.

Silver, 1h

INTRADAY silver

Now switching to German dax, where we see an overlapping, complex affair which we labeled as wave B). This correction is known as a Elliott wave triangle pattern, that can once completed push price into the same direction as of the larger trend. We see this is to the downside, so once sub-wave E of B) fully unfolds, maybe we will see price nicely drop and breach below the former swing low of wave D at 12864 level.

German DAX, 1h

INTRADAY dax

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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