Elliott Wave Analysis of Major Indices: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200.
Summary: Observing the current wave structure, a five-wave sequence indicates an imminent establishment of the peak. Anticipate a subsequent correction of approximately 40 to 60%, characterized by an ABC pattern. Following this correction, a new Impulse wave is projected to ascend. Notably, within this correction, Wave C presents an opportune moment for strategic buying. However, distinctions arise in the patterns of FTSE 100 and Russell 2000, signaling comparatively greater weakness and potentially different unfolding scenarios. It is crucial to note that the indices are positioned either at their peak or in close proximity, implying that any long-term trades are expected to be of short duration. Additionally, trading during the corrective phase necessitates a more conservative approach, favoring smaller position sizes due to diminished risk-reward ratios.
Trading strategies: Currently none recommended.
Video chapters:
00:00 SP 500 (SPX)
12:43 NASDAQ (NDX)
16:05 Russell 2000 (RUT)
20:32 DAX 40 (DAX)
25:18 FTSE 100 UKX (UK100)
28:22 ASX 200 (XJO)
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Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
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