Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
Gold
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 28000.
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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. Nothing in this view has been invalidated so far.
NASDAQ
As with the other Indices, NASDAQ is reaching the potential end of the 5th wave from the 6620 bottoms 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 11500 which we do not have. We are going short against 11500 as this could be the beginning of the 5 waves down,
SPX
The instrument is still in a rising wedge ending diagonal after 5 waves impulsive upside is near the end within a corrective ABC. Although a shallow rip to 3400 is not excluded, and it happened as we stated, an upside from here is fairly limited as the uptrend is losing momentum. Only a clear confirmed brak above the 3400 possible double top would lead to an invalidation of downtrend resumption. Taking the short trade entries against 3450.
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