Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA by Igor Tereshchenkov
GOLD
The ending diagonal has formed or is forming in the wave [c] of “Y” of (B). If it has formed, then initials will form after it, where wave [i] has taken the form of the leading diagonal of zigzags. In this case, the price can not break through the orange level, it can be used as a stop loss. In the second case, the wave “a” of (v) is forming in the ending diagonal [c] of “Y” of (B). Then we will still see annual high for gold but within historical highs. After completing this formation, I will again recommend a short position on the instrument
The final targets here, if any of the hypotheses are true, start from $970.
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DJIA
Everything that was previously written about SPX is actual. Both structure and strategy. Here we also grow in a zigzag for sure – the third wave is the shortest in a potential upward impulse, which violates the rules of wave analysis.
NASDAQ
In many ways, the situation is similar to the SPX index, let’s talk about the differences.
First, the previous pre-crisis growth to historical values ​​was more like a double zigzag, the crisis decline was more of an impulse (as there) and the current growth of historical leaders was more of an impulse. This all leads us to consider the flat in the wave (4). Especially considering the fact that here the asset is growing in impulse and has updated tops.
As an alternative, I consider the ending diagonal in the wave (5). Confirmation of the downtrend for both scenarios is far away – the green level 7010. Therefore, I would recommend taking a closer look at SPX or DJIA.
WTI OIL
After the completion of the triangle in the wave “b”/”x”, we expected the formation of an impulse “c” or a zigzag “y” in the framework of the wave (II). The internal structure of the second option is fully implemented and a large and long (for decades) uptrend to historical values ​​began. In the framework of the first, the wave [4] is forming or has already formed.
The structure indicates that the upward movement from zero values ​​is an impulse, which can be either wave (1) or wave (A) of [4]. In any of these cases, in the near future we are waiting for a downtrend into the area of ​​blue fibs within (B) or (2), and then the resumption of growth.
The critical level for the hypothesis with a wave [4] and confirming for a hypothesis with initials up is the end of the wave [1]. At these quotes, it is $50 and 40 cents.
SPX
The asset is on a very interesting divarication right now. It may be possible to enter a position with a minimum stop. Let’s figure it out.
I proceed from the hypothesis that the first wave of the current crisis was a downward impulse and an upward zigzag was formed after it without updating historical highs. Since, judging by the structure, it was a double zigzag, I made an ascending green channel on the chart. Let me remind you that the rules of WA do not allow the waves “B” of (Y) to the breakdown down the lower boundary of this channel down. And this is a great place to enter a short position with a stop at the end of a double zigzag. The minimum target values ​​(take profit) are at 1600 and below.
The alternative also involves a double zigzag but in the wave (3) of the ending diagonal [5]. In this case, now the asset is in the wave [b] of “Y” and the strategy for the previous paragraph will not give us a signal to enter the short. This count assumes a twofold and not very dynamic update of historical highs. The targets coincide with the main option.
Analysis by Igor Tereshchenkov @EightyNineWaves
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