Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
SPX
GOLD
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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 almost 1950 in five-way up. Potential for the upside extension is limited from here at least till after corrective pullback as we are seeing the price action signs of a topping pattern.
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 we are building a short position with small stops and will be adding on a break below 41.
NASDAQ
As with the other Indices, NASDAQ is reaching the potential end of the 5th wave from the 6620 bottom in a previous extended impulsive long-term wave. For us upside is limited here and a downside structure will be invalidated only upon a clear confirmed break above 11060. We are short against 11060 and will be adding more on a break below 10300.
DJIA
DJIA 5 waves up reached the 27150 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 are short against 27000 and will be adding more on the break below 25600.
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