GBPUSD can be trading in a three-wave correction labeled as wave 4. We see sub-wave a and b already completed, which means current drop can now be sub-wave c in progress. Sub-wave c of 4 can later search for region of support near the former swing highs and lows of previous waves near the 1.3328 and 1.3381 level and make a reversal higher. Support can also be seen at the Fibonacci ratio 23.6 and 38.2.
GBPUSD, 1H
Dax is still trading in a correction of a higher degree labeled as wave 4). We see sub-wave A and possibly B completed, meaning one more drop lower into leg C can still follow. Support for the whole correction is near the former swing low of wave four at the 12472 level.
German DAX, 1H
