Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
A break below 14500 would open a bearish development and could indicate the potential bearish count after the possible 5 waves up. We had a test of 14500 and a bounce which left the instrument still in the 5th wave which target is now 16600 as long as the instrument is above 14500.
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 1730 will lead to an upside count invalidation or a larger pullback. Now we need to see a confirmed break above 1800 for the upside continuation and a test of the key 1850 resistance which we don’t have. Swinging in the 1730-1840 range,
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LEARN ELLIOTT WAVE ANALYSIS IN COMBINATION WITH PRICE ACTION!
