EUR/USD, Bitcoin and DAX 30 

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Our weekly Elliott Wave analysis evaluates the EUR/USD, the Bitcoin crypto currency, and the DAX 30 stock exchange chart.

EUR/USD Bullish Reversal Candlesticks on Weekly?

The EUR/USD revealed a bullish weekly candle light recently. What does it suggest for the long-lasting image? Let’s evaluation:

BTC/USD Bullish Triangle Chart Pattern

Bitcoin is constructing a triangle chart pattern at the minute, which is suggesting a prolonged duration of combination and unpredictability:

  1. BTC/USD is making lower highs and greater lows. This triangle pattern happens after a strong bearish rate swing (wave A gray).
  2. The triangle pattern, nevertheless, appears to prefer a bullish retracement within wave B (gray).
  3. This bullish outlook stays legitimate as long as rate action stays above the assistance pattern lines (green).
  4. A break above the resistance (orange lines) might suggest a rise towards the Fibonacci resistance retracement levels and previous top.
  5. Those Fib levels and top are anticipated to be resistance and stop rate from increasing even more.
  6. A deep rate swing towards the Fibonacci levels might be an ABC flat whereas a shallow go up is an ABC zigzag.
  7. An instant push listed below the assistance shows a drop and not a bullish retracement.
BTC chart 21.03.2022

DAX 30 Bounce Could Test Previous Top

The DAX 30 chart made a strong decrease however likewise a strong bounce after reaching the 12,500 assistance zone:

  1. The DAX 30 is most likely making a wave B (pink) upwards.
  2. The resistance zone and previous top might for that reason top the go up.
  3. A bearish bounce at the resistance would validate this wave analysis.
  4. A relocation down towards the 23.6% would then be anticipated.
  5. The next significant assistance and choice zone is the 23.6% Fibonacci level.
  6. A break listed below the 23.6% Fib might suggest a deep wave C (pink).
  7. A bullish bounce might suggest a shallow ABC and more uptrend.
Dax 30 chart 21.03.2022

Good trading,

Chris Svorcik

The analysis has actually been made with the indications and design template from the SWAT approach (basic wave analysis and trading). For more everyday technical and wave analysis and updates, sign-up to our newsletter

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