Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
We are seeing another bounce from 14400 support and the end of the 5th wave is not confirmed. We could have an ending f the 5th wave near 16600 now. We are waiting for the price action around this what looks like an ending wedge diagonal resistance 15700. A break below 15160 would open a bearish development and could indicate the potential bearish count after the 5 waves up confirmed and finished.
GOLD
Gold invalidated the 5 waves impulsive decline and is in the extended 5th wave of the upside. We had 3rd wave finish at 2074 and a pullback in the 4th wave. Break above 1850 again is needed for a 5th wave extension. A break below 1670 will lead to an upside count invalidation or a larger pullback. We need to see a confirmed break above 1830 for the upside continuation which we don’t have.
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