Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
DJIA
GOLD
Gold continued higher in the 4th wave from a 1200 bottom. This final wave is coming to an end as it is extended and reaching a new all-time high in a five-way up. We have a pullback 5 wave beginning and will accelerate below 1900 channel and triangle resistance. We are short against 1970.
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OIL
The ending diagonal “5” is finishing its formation after an impulsive 5 wave swing upside has been finished. Five waves extension of the final wave is ending up and although swift upside moves to 43 are not excluded, did happen as stated, we are building a short position with small stops and will be adding on a break below 39.4.
NASDAQ
As with the other Indices, NASDAQ is reaching the potential end of the 5th wave from the 6620 bottoms in a previous extended impulsive long-term wave. For us upside is limited here and a downside structure will be invalidated only upon a clear confirmed break above 12000 which we do not have, but we need to see a break below the terminal rising wedge support 11500.
SPX
The instrument is still in a rising wedge ending diagonal after 5 waves impulsive upside is near the end within a corrective ABC. Although a shallow rip to 3400 is not excluded, and it happened as we stated, an upside from here is fairly limited as the uptrend is losing momentum. Only a clear confirmed brak above the 3480 possible double top would lead to an invalidation of downtrend resumption. Taking the short trade entries against 3380.
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