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S&P500 and German DAX Elliott Wave Analysis: More Upside Can Be Seen

By:

Gregor Horvat

Updated: Feb 11, 2022, 14:46 GMT+00:00

Live PriceUS SPX 500

$7,694.35

-0.14%

After the first bearish reaction on the USD after US CPI yesterday, the currency turned down later during the US session.

S&P500 and German DAX Elliott Wave Analysis: More Upside Can Be Seen

In this article:

Probably it was due to higher 10 year US yields. Stocks also came down for correction after which, we can week at least one leg up.

S&P500 Elliott Wave Analysis

S&P500 is coming down after US CPI figures, away from 4595 resistance, but so far only with three waves so it can even be a wave X as part of wave B) rally. Nice resistance remains at 78.6% near 4700-4750. Sharp drop to around 4300 will suggest that wave C) down is already underway.

German DAX Elliott Wave Analysis

We see German DAX in a big fourth wave on a daily chart, meaning more upside can be seen in upcoming months, possibly after a completed triangle which can be in the final stages or still in progress. On 4h chart, we see that index is still in a sideways consolidation, but still within uptrend as a three-wave (A)-(B)-(C) rally for wave D that can send the price into 15900-16k area.

About the Author

Gregor Horvatcontributor

Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.