Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
SPX
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. Potential for the upside extension is limited from here at least till after corrective pullback.
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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.
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 which we do not have
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. Shorting against the 27150.
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