Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
As with the other Indices, NASDAQ seems to be in the extension of the 5th wave from the 6620 bottom in a previous extended impulsive long-term wave. 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 it will be invalidated upon a break above 12250 which is getting near.
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 which was on a retest. A break below 1870 is required for a 3rd downside wave which we have no.
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