Elliott Wave Analysis German DAX and NZDUSD May 18 2016

German Dax

German DAX remains trapped in the 400 point range seen as a triangle in wave 4 which is now in late stages with the current subwave e that may look for resistance near the 9950-10000 area today.

German DAX, 1H

NZDUSD

NZDUSD is slightly lower, but we will not give up with our short-term bullish view for wave C) of 2 if we consider that wave A) high has not been taken out yet. As such, the current leg down can represent red subwave B) as part of a corrective recovery that will ideally stop at 0.6760-0.6900 area.

NZDUSD, 4h

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