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 had a break below 1920 and we have which is on a retest now. A break below 1870 is required for a 3rd downside wave.
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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 37.
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. The rising wedge breakout is on a retest now as we seem to have a flat correction in the final 5th wave now.
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 the extended 5th wave and broke below the rising wedge for a new 5 waves down. Which is on a retest now. We are to be short against 3580.
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