Elliott Wave technical analysis with trading signals •

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. We are seeing 5 waves of the 5th finish and expecting a correction to unfold.

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 and in the triple zig-zag and a possible correction to 1600 if in case of rejection from 1840. A break above 1840 will mark the end of the 4th long-term wave and extension to 2200 and we have it now although a pullback to 1800 once more is not excluded since the 1860 resistance is holding.

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!