Elliott Wave technical analysis with trading signals •

Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA

NASDAQ

It is still in the 5th wave consolidation that can be finished only with a confirmed break below 13800. This still can be counted as the 1st wave of the five waves down, so we could expect one more swing up for the 2nd wave correction or a 5th last upside wave as long as it is above 13800. The significant level for a 2nd wave turn is 15000, where we had a lower turn. To confirm 3rd wave extension lower, we need to see a break below 14200.

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 more significant pullback. We need to see a confirmed break above the key 1850 resistance that 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, and we had it, so the Gold is heading higher in the 5th wave.

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