Elliott Wave analysis: S&P 500, Nasdaq 100 and top tier stocks [Video]

Peter Mathers TradingLounge

Today's stock market indices overview: S&P 500, SPY, NASDAQ 100, QQQ, RUSSELL 2000, DAX 40, FTSE 100, ASX 200.

Elliott Wave analysis indices:

The Elliott Wave (iv) corrective patterns for the S&P 500 and NASDAQ are completed, and the first impulse waves upwards are underway.
Regarding Minor Wave 3 of Intermediate (5), there's potential for extending this structure to align with leading Nasdaq stocks such as AMZN and META.
Employment and final GDP figures are expected in the next session, suggesting that long trades may be best suited for Friday.
European indices DAX and FTSE 100 could still see a leg lower. I can count an impulse wave up off the low, but the case isn't strong, similar to the ASX 200. We'll need to wait until Friday to see if long trades are viable.

Video chapters:

00:00 SP 500 (SPX), SPY ETF.
10:36 NASDAQ (NDX), QQQ ETF.
17:43 Russell 2000 (RUT), IWM ETF.
18:43 DAX 40 (DAX).
21:34 FTSE 100 UKX (UK100).
23:46 S&P/ASX 200 (XJO).

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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