Stock market Elliott Wave analysis: Potential gains ahead for major indices
In today’s analysis, we focus on the S&P 500, NASDAQ 100, Russell 2000, DAX 40, FTSE 100, and ASX 200 indices, while also considering the Nifty 50, Nikkei N225, and Emerging Markets Index. The outlook for the US indices remains positive, suggesting higher price levels to be attained. However, it’s crucial to recognize that this ascent may not be entirely linear, as several corrective Elliott wave formations are expected to emerge.
Video chapters
00:00 SP 500 (SPX) (SPY ETF)
11:43 NASDAQ (NDX)
14:11 Russell 2000 (RUT)
15:37 Dow Jones IND (DJI) XLI ETF
19:37 DAX 40 (DAX)
23:57 FTSE 100 UKX (UK100)
30:15 NIFTY 50
31:35 NIKKEI N225
32:35 Vanguard Emerging Markets Index VWO
33:53 ASX 200 (XJO)
Elliott Wave count:
1. S&P 500: Currently, the market seems to be unfolding in Wave (v) of v) of 3, signifying an advanced phase of an uptrend.
2. NASDAQ 100: Similar to the S&P 500, the NASDAQ 100 is likely in Wave (v) of v) of 3, supporting the overall bullish sentiment.
3. Russell 2000: The Russell 2000 index is also tracking Wave (v) of v) of 3, indicating a strong upward momentum in line with the broader market.
4. DAX 40: In contrast, the German DAX 40 appears to be in Wave (v) of i), reflecting a potential initiation of a new uptrend.
5. FTSE 100: The FTSE 100 index is currently in Wave (v) of i) or 1, signaling a potential upward wave in its initial stages.
6. ASX 200: Similarly, the ASX 200 is showing signs of Wave (v) of i) unfolding, supporting the view of a potential uptrend.
Considering the larger picture, the primary trend for these indices remains sound, with further opportunities for gains. However, it’s essential to be mindful of corrective waves that may introduce temporary pullbacks or sideways movements. Investors and traders should exercise caution and stay vigilant to navigate these corrective phases successfully.
In conclusion, the major stock indices like the S&P 500, NASDAQ 100, Russell 2000, DAX 40, FTSE 100, and ASX 200 are all poised for potential advancements in their respective Elliott wave patterns. As always, market participants should employ prudent risk management strategies and adhere to their trading plans to capitalize on these opportunities while being aware of the inherent risks associated with financial markets.