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 the 1920 channel and triangle resistance. Staying aside for now.
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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. Short trades added as we expect downside 5 wave continuation.
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. As we said, we saw a limited upside move and a break below the terminal wedge for the downside reversal wave beginning. We are short against 12000.
SPX
The instrument is still in a rising wedge ending diagonal after 5 waves impulsive upside is near the end within a corrective ABC. Shallow rips to 3550 are happening, an upside from here is fairly limited as the uptrend is losing momentum. Only a clear confirmed brak above the 3500 which we still don’t have would lead to an invalidation of downtrend resumption. The instrument turned lower after extended 5th wave and broke below the rising wedge for a new 5 waves down. We are to be short against 3580.
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