Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
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. We are seeing a break below indicated level and we are waiting for confirmation below 14500 which is a wedge uptrend line otherwise we will still be in the 5th wave. We are seeing a test of the key 14500 level for a 5th wave finish confirmation or a new impulsive wave lower.
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 1700 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.
This article is so good, it's for premium members only.
Does that sound like you?
Go Premium to read full trading strategy with parameters of entry, stop loss, and exit. Why Premium?
Already a member?
LEARN ELLIOTT WAVE ANALYSIS IN COMBINATION WITH PRICE ACTION!
