This is a short update on my previous Elliot waves trading idea about SP500 and the Dow Jones
Let’s begin first with the SP500. I will start directly from a daily chart. ( for the big picture on a monthly basis, please see my previous analysis. Elliott waves signals for S&P500 )
Here the structure suggests that we are in a correction for wave 4. I think that this wave 4 is still developing and currently I see two possible variation types. First, one – the correction is Zig-Zag, in this case in the coming weeks there will be more down moves. The potential target for the end of correction is the area around 4070-4150 for SP500 and 32700-33000 for Dow.
The second one is an asymmetric triangle. In this case, there will be more sideways moves without new lows and new highs. Currently, we are in a wave (c) with a possible target of the zone of about 4350 for SP500 and about 34100 for the DOW.
With or without Ukraine, after the correction for wave 4 is completed, there will be another final upward cycle for wave 5. So here maybe the case will be selling the rumor buy the news.
Elliott waves signal for Gold
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