Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
We have a break below 13800, and 5 waves upside is finished. Nasdaq is now in the third wave of the five waves down. This count is valid as long the NASDAQ is below 13300. We need now a confirmation break below 10700 to see a downside extension in the third wave otherwise there will be a different count. We do not have a confirmed break below 10700 so we are in the ABC zig-zar correction upside which could still end at the 12000-12500 zone.
GOLD
We are waiting for the downside alternative count to trigger as the instrument cannot extend above 1920. And we have it with a break below 1820 so the five waves downside count is on the way and is being confirmed and validated. We are at the 5th wave from the 2075 top. Any confirmed break below 1640 will change the upside count, and a long-term 4th wave is underway. We still do not have a confirmed break below 1640 and the upside count is valid upon a confirmed break above 1720.
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