Elliott Wave technical analysis with trading signals •

Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA

NASDAQ

We have a break below 13800, and 5 waves upside is finished. Nasdaq is now in the third wave of the five waves down. This count is valid as long the NASDAQ is below 13300. We need now a confirmation break below 10700 to see a downside extension in the third wave otherwise there will be a different count. We do not have a confirmed break below 10700 so we are in the ABC zig-zag correction upside which could still end at the 12500-12700 zone which is yet about to trigger. Only a break below 11700 will invalidate the short-term upside continuation to a key 12500 level.

GOLD

We are waiting for the downside alternative count to trigger as the instrument cannot extend above 1920. And we have it with a break below 1820 so the five waves downside count is on the way and is being confirmed and validated. We are at the 5th wave from the 2075 top. Any confirmed break below 1580 will change the upside count, and a long-term 4th wave is underway. We still do not have a confirmed break below 1580 and the upside count will be valid upon a confirmed break above 1700 which we have now. Looking higher to 1920 as we expect a confirmed break above 1810 to lead to an acceleration.

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