Elliott Wave technical analysis with trading signals for SPX, DJIA, NASDAQ, DXY
SPX500
SPX has completed 5 wave rally in a major 2nd downside wave correction ad is finishing extension higher to 3200. We should see a failure here against 3200 and the beginning of a 3rd wave downside.
Trading strategy SPX
Cover long if you have it and initiate short with the stop loss above 3200
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DJIA
The instrument is in the ending diagonal of an impulsive move higher with minor 5 wave rally, of the 2nd new 5 wave downtrend wave, near completion against 2800. Looking for failure here and turn lower.
Trading strategy DJIA
Cover long, look to sell with the stop loss above 28000
NASDAQ
The instrument is completing a 5 wave impulsive rally from 6750 in an extended wave C. The rising wedge ending diagonal is close to completion. Ending diagonals end larger patterns.
Trading strategy NASDAQ
Look to sell with the stop loss above 10000
DXY US Dollar Index
DXY completed an ABC decline to 96.442 and we are expecting reversal from here for a larger rally to the upside. Only a clear confirmed daily close below 96.400 will invalidate the bullish case scenario.
Trading strategy DXY
Remain long against 96
