Elliott Wave technical analysis with trading signals for Gold, WTI Oil, SPX, NASDAQ, DJIA
NASDAQ
We could have seen the end of an impulsive wave higher as the 5th wave is unfolding and a break below 12200 could lead to a larger 5 wave correction. Only in the case of a break above 13120, the downside wave count will be invalidated, which we don’t have and we could be in a 3rd wave lower. We are short against 13500.
GOLD
Gold invalidated the 5 waves impulsive decline and is in the extended 5th wave of the upside. We had 3rd wave finish at the 2074 and a pullback in the 4th wave. Break above 1900 again is needed for a 5th wave extension. A break below 1700 will lead to an upside count invalidation or a larger pullback in the 4th wave which we still don’t have.
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