Image Source: Pexels

S&P 500, Nasdaq 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200 Featuring Elliott Wave Technical Analysis

Today, we are taking a balanced view of the short and medium-term bearish and bullish cases for these indices. Currently, the indices are in a Wave 4 correction, which can manifest in any of the dozen different types of Elliott Wave correctional patterns. Therefore, our analysis will be based on the evidence of current patterns and their potential outcomes.

It's possible that the Wave 4 correction could be complete, though there's no conclusive evidence yet. We can prepare for long trades if favorable setups appear. Otherwise, we should expect another low. Thursday's trading may not clarify the next direction, so we are looking towards Friday morning's session for more definitive signals. If Friday is bullish, the pattern suggests a bullish trend; if bearish, we may see another low. For now, patience is key as we await clearer signals.

Video Length: 00:42:12

Video Chapters 
00:00 SP 500 (SPX)
15:30 Nasdaq (NDX)
18:58 Russell 2000 (RUT) IWM ETF
19:54 DAX 40 (DAX)
27:11 FTSE 100 UKX (UK100)
33:30 S&P/ASX 200 (XJO)
41:48 End

Analyst Peter Mathers TradingLounge
Source: tradinglounge.com  

More By This Author:

Elliott Wave Technical Analysis: Cocoa - Wednesday, Aug. 7
Elliott Wave Technical Analysis: AbbVie Inc.
Unlocking ASX Trading Success: V300AEQ ETF Units - Wednesday, Aug. 7