Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
GOLD
Gold continued higher in the 4th wave from a 1200 bottom. This final wave is coming to an end as it is extended and reaching a new all-time high in a five-way up. We have a pullback 5 wave beginning and will accelerate below the 1920 channel and triangle resistance. We have a break below 1920 and confirmation so we will begin to build our short position against 1920.
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OIL
The ending diagonal “5” is finishing its formation after an impulsive 5 wave swing upside has been finished. Five waves extension of the final wave is ending up and although swift upside moves to 43 are not excluded, did happen as stated, we are building a short position with small stops and will be adding on a break below 39.4. Short trades added as we expect downside 5 wave continuation.
DJIA
DJIA 5 waves up reached the 28000 resistance and are in within bull market truncation which will mark the end of the 5 waves up and beginning of the 3rd wave down. We saw, as expected, a brief squeeze to 29000 and a reversal with the rising wedge breakout. Shorting against the 29000 as the structure is pointing to a beginning of a 3rd wave lower which will be invalidated only in the case of a breakout above 29000. Now a break below 27324 will marke the beginning of the 3 rd wave and we will add short.
SPX
The instrument is still in a rising wedge ending diagonal after 5 waves impulsive upside is near the end within a corrective ABC. Shallow rips to 3550 are happening, an upside from here is fairly limited as the uptrend is losing momentum. Only a clear confirmed brak above the 3500 which we still don’t have would lead to an invalidation of downtrend resumption. The instrument turned lower after extended 5th wave and broke below the rising wedge for a new 5 waves down. We are to be short against 3580.
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