Elliott Wave Analysis: AUDUSD and German DAX

Good day traders! Today's focus is on AUDUSD and DAX.

AUDUSD can be trading in a flat correction of a higher degree. A flat is a 3-3-5 pattern, meaning final wave c must be constructed by five legs. At the moment we see only four, thus a new bounce higher into minor wave v) may follow. Resistance for the mentioned wave c can later be found at the 0.8049 level.

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Audusd, 1h

audusd, 1h

German dax is nicely trading bullish, now at the end of higher degree wave 3). Ideally a new correction will unfold in the next couple of trading sessions and search for a base near the Fibonacci ratio of 38.2 for the upcoming wave 4).

German DAX, 1h

dax, 1h

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.