Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
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. As we said, we saw a limited upside move and a break below the terminal wedge for the downside reversal wave beginning. We are either in a Flat ABC or within the 2nd wave of a downside. It seems we are in ABC flat but we still don’t have a break above 12165 so a downside count with triangle consolidation is still valid.
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. Invalidation of a downside wave count will come only on a confirmed break above 2000 and will call for 5th wave upside extension.
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