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. We have a break below 13800, and 5 waves upside is finished. Nasdaq is now in the third downside wave. Any bounces should be used for shorting the instrument as long as it is below 14500. We are at the very end of the second wave and a break below 14000 will accelerate the third and the most violent wave down.
GOLD
Gold invalidated the five 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 which we have now, and we are expecting an extension higher in the extended fifth wave as long as it is above 1900.
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