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 15730 would open a bearish development and could indicate the potential bearish count after the possible 5 waves up. We are seeing now expanded flat and there is a need for price action to break below 15730 to confirm the 5 waves upside finish which we do not have. A break above 16500 could invalidate this and lead to continuation higher to 17000 although upside at this stage is fairly limited.

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 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 1730 if in case of rejection from 1840 and a break below 1780. A break above 1840 will mark the end of the 4th long-term wave and extension to 2200. The important level to hold for the 5th wave continuation is 1765 and it held only we need to see a break above 1830 now which we do not have.

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