Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
We could have seen the end of an impulsive wave higher as the 5th wave is unfolding and we have an expanding flat for the end of the 5th wave which could end here if we see a break below 14100 again or higher at 15000. We will now have an important test of 15000 for confirmation of an ABC expanded flat and for the end of the 5th wave for a reversal down. A close below 14700 will confirm this.
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 185 again is needed for a 5th wave extension. A break below 1760 will lead to an upside count invalidation or a larger pullback which we don’t have so a 4th wave pullback seems to be finished. We need to see a confirmed break above 1800 for the upside continuation and we have it now but we need to see a break above 1850.
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