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Elliott Wave Analysis: German DAX and USD Index

German DAX made a sharp rally in the past few days, which we see it as first leg A/1 of a minimum three-wave reversal, followed by wave B/2 which so support at 11968 level. Price can now continue towards the 12411 level, where we will see either some resistance and a new drop lower, or a continuation towards higher levels.

German DAX, 1H

USD Index is trading in a new bearish cycle, with sub-wave iv of three in action. This minor pullback can see resistance around the 23.6/50.0 Fibonacci ratio, from where a new fall into final wave v may follow. Once five waves are visible within red wave iii), that is when a bigger pullback as red wave iv) will follow.

USD Index, 1H

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