S&P 500, NASDAQ 100, DAX 40, FTSE 100, ASX 200: Elliott Wave Trading Strategies

SP 500 (SPX) welcome to trading lounge and the indices just before we start though I just want to talk about the uh the um the chat uh social chat uh Lounge now I notic that uh old members and uh new members uh haven't signed into into this chat module which is uh I suggest you do so because it's quite sort of uh helpful really because we do a lot of um uh intraday uh updates um in all of these you know in lots of different markets uh here now the login that you have for trading Lounge won't get you into the chat module you need to create when you get to the chat module you need to create your own username and password if you're having any problems with that let me know but um I suggest I just wanted to sort of highlight the sort of importance um of this uh area here because some of the charts that are that we get in here these updates are not in the normal uh section of the uh of the website okay so uh the S&P here is a weekly chart as you know we've got wave four here going up into uh wave five uh here the S&P is actually leading the NASDAQ to the upside the banks and birkshire Hathaway and those sort of markets are keeping it uh higher the NASDAQ is a little bit lower sitting at at 20,000 there but let's go to the daily chart here and work out what we need to do between wave four and five here so from wave four here we've been you know called the low in we've been been working it to the upside and with every cycle with every Trend there's a beginning there's a middle and an end and uh you can quite clearly see the middle here which is always the most powerful point in the structure so we have one and two and the third wave here so we're in the we're in the ending of this structure and what I wanted to say here there's sort of three things here obviously we've got the old high here that's one thing and then if we're in the end of the trend that means we're in wave fours and fives here so this is wave fours you know there's a dozen different types of Corrections in Elliot wave and uh they can all occur in wave fours and they can get complicated they can go sideways and it's pretty hard to pin them down like I said before we got here is that it's going to be a tough area it's not going to be an area where we trade but what I can say is that we will be traveling sideways but we will be edging higher so there is more High higher price levels to go um but um it will be a hard slog to the to the upside now how far Wave 2 pulls back when wave when we've got five waves completed here look you know I could put the 61.8% in and say that's where it's going to go and all the rest of it but you know it could pull back 80% it could pull back 40% 35% it could do anything so we always work the structure itself and we're looking for a zigzag of 535 structure uh as wave two here and this will be our next trading opportunity in here in looking for this uh third wave to the uh to the upside uh here the other point here is the trading levels um between say 5,000 and 6,000 here 6,000 uh we use um the Fibonacci sequence of 1 2 3 5 and 8 and we have a sequence uh with these that um uh I mean they're being used as a price ratio but in Psychology terms as well certain numbers have more pull than other numbers numbers with zeros you know with one zero on a or two zeros or three zeros is going to have more impact than than another particular number and an even number might have more pull than an odd number and these sorts of things so um I look at number eight here that we if we look at the Fibonacci numbers one 2 three five and eight so I look at five as the second strongest number in the market one is the strongest then five and then eight here so when we talk about eight here 1 2 3 five and eight we also talk about group two I won't go into that but you can see the lower end of group two here the I call the 65 number in this case 5,650 uh and then the 72 here the uh and the 8 this is just the shell of what's in group two here but you can see that it's important here and you can see that it's important here as well so that's the number that we're up against at the moment is the 5650 uh let's go in a little bit further in here to the intraday and and look at this Wave 1 Trend here this uh from wave four to wave 1 up here we're looking for five waves and uh like I said we got the beginning of the structure here and then we got the middle of the structure and now we're in the end of the structure and like I said this is where not only I will make mistakes it's where you will make mistakes as well and this is where you lose start to lose money in here because you get into that wood a could have should and oh and all the rest of it so um you trade less and uh um uh you know be be mindful um of where you are in the particular structure and like I said the next trade that we're looking at will be five waves here three waves here and five waves here how far will it pull back there's some gaps in the market over here and things we'll see we'll check those out in the Futures Market more so than the cash market and this third wave up here is the one that we want um pay no attention to as I say you know how long things take and all these sorts of things but you know this little area in here is a little bit tricky the nas is quite clear that we could put wave four here uh now I could put wave four here as well and I could do a range of things here I could put wave five over here and I could put this here and I could put this here as an ABC and a few things but um I'm just going to go back here and I just leave it the way it is there's a couple of options all I can say is that um you know that you know I mean could we put wave five in here and shorten it all up yeah probably but we've got we don't have five waves up here here just yet so it looks like we need to go a little bit higher up here at this point and um anyway let's just go in there and make this a little bit more confusing for you here so um like I said in the uh when we look at this particular pattern here you know it's always it's always helpful when you try to trying to figure something out is to have a look at other markets you know I mean for me with the indices here I look at stocks I look at all the you know half a dozen leading stocks and try to get some sort of consensus on know what the hell's happening and um so this hasn't you know this little pattern here if we just look at this for a on the on the NASDAQ here you can see that we could put wave three here with an A and A B and a see here as 1 2 3 4 5 here it's it's you know it's a better picture here so we can have wave four here we still need to go up up here further so you know when we look at this one over here you know the NASDAQ pulled down and made a new low below here I've got this as wave three and four here and then we can look at as one and two and one and two here as an A and A B and A C now the thing I don't like about this wave two here is that wave two here is rather bigger than Wave 1 here so it's okay but it kind of raises alarm bells and flags and all those sort of things and then I go to the fact well could we look at this as you know the a wave here A B wve up here and a c wve here well not really but you could go a wxy in and all of that as well um you know the point being is you know are we going to be pushing up from here and it kind of looks like that will be the you know the the the thing at this point here but like I said these wave fours here be it here be it here or even it gets a bit more complicated over here I mean we're running out of time for this so it does kind of need to push up based on what I can see with stocks so it's probably in um it'll sort itself out but we're just looking for this wave one up here and you know that's sort of where we are at the moment with this so we'll just stay with this sort of kind of know what's going on but I don't have it really pinned down for for sure for sure you know so that's the the um the S&P um NASDAQ (NDX) roughly spoken and mapped out and the nasda here as 1 and two and three and four it's a little bit cleaner here now once again this way four here could get um you know bigger and uglier and all the rest of it but what I'm sort of seeing with stock is it should sort of push up from here and it also doesn't make a very nice one 2 3 4 5 here I mean it looks okay it doesn't really give me a nice five waves down here so I could probably put this over here and go a wxy over here so there's a couple of different ways to count this if you got a different count it doesn't mean that that that that you're wrong and I'm right or anything like that um all we can say is that we are in a corrective pattern it appears to be wave four it could get uglier um but we're still looking for one more move to the upside and normally what we'd look at I mean obviously the 20,000 is here but you know a lot of the time we would look as because the extensions in wave three here we can look at wave one here the length of wave 1 and the length of uh wave five here being roughly the same now take that with a pinch of salt because we're working around a number that's got 4 Z on it so it's going to have a bit of weight you know the bigger the number the bigger the orders that are going to be attracted to that but um it's certainly um it's certainly basically you know as a wave for it's certainly sort of sticking out um quite nicely uh in all of this now do you know I mean a way four in Elliot terms will always break the Wave 2 Trend channel so it's doing its job um it just needs to we just need to see another high here but I'm not interested in this and I'm not that interested in in this either it's when this is completed and we start building from here you know like we've done with stocks because with stocks and indices we built in through here you know uh we did quite well out of all of that um I can go to the 1,000 tick area here and just sort of exploit this a little bit further so wave three at the top here with an A wve and here I've got an A and A B and A C so it's counted a little bit differently this time around and that's okay and then one two here and three here and then all of this is weigh four here to this point and then a nice five waves down here to complete it so I think that this is the the case what I'm also seeing here though is I'm not really seeing a nice wave one up here I can see from here we got 1 two three you know some four in here and five here so I can see we got one and two and 1 2 3 4 5 so I can kind of see that um we've only got three waves up here so that bothers me and then you know was looking for this for wave one but I could see that's got five and correction 1 2 3 4 5 so I've got three waves here as well so it's probably likely to come over here but I still don't trust this wave one here either you know so you know maybe maybe you know maybe this wave four is going to get a bit more complicated at this point so it's just something we just need to you know I mean it's great if you got some answers that's fantastic but otherwise you know we're still looking for this wave one top to come into play over here for this um how far this goes up here don't know and how far this will stretch if it goes up or do we get some other little leg in here just to you know throw it throw us out a little bit so anyway uh doing the best I can um but we knew you know I I did warn everybody that Russell 2000 (RUT) IWM ETF coming into this particular space is going to be problematic you know uh righto so um the Russell here um the same sort of pattern really slightly different but basically we're looking for the same thing in terms of um uh you know a wave four here then up for wave one and then some sort of ABC for wave two here and then we could go up from that point so yeah we're getting there but we're at the end of the trend here you can see that we got the beginning the building process the Middle where it gaps a lot and then we got the ending process coming into play at the moment this is where it gets messy so um you know we'll try to take some profit just above here you may have already done that and we talked about taking part profit here or all of it or whatever and we can take some further up here if you if you wish I'll do my best um it does look like a little five waves here but I think we could also just um just tidy this up here a little bit and not let it you know just protect what we have here we don't need to be greedy at this point with this we've done we've done done our job and uh that's that so DAX 40 (DAX) we come over to the Dax now I won't go into the daily chart or all of that we've been there before but basically we're doing in the same thing we're we're looking for this wave one to the upside here this wave five of five of one here and then back for wave two here once again you know this trend to the upside here they all started on the 5th of August here so any any Market that you've got stock or any any particular Market that started on on the 5th of August it'll be part of this you know the S&P and the NASDAQ move so to speak and you can see this is the middle of the trend here so now we're sort of at the end of the we're getting close to the end of the trend here now I may not have this right I'm not that happy with um with this particular uh uh pattern uh here because it's kind of if I put the wave four here it's leading over the S&P I'm not that happy with that so we may end up um uh in a bit of strife here one two 3 four five I could probably put that um I mean in this count here it's just that we'll have one more move up here but you know the the NASDAQ and the S&P that telling me we should be going up here even further so maybe I could go one and two then 1 2 3 4 5 for the third wave and the fourth and fifth so maybe maybe this is lagging and I could bring this over to here let me just dress this up a little bit here I just want to see what it uh see what it looks like I mean I'd rather have the Dax lagging than than being out in front you know either way um I don't I think that um you know I think you know if you've got these trades in here I think um you know we've taken part profit here um I think we could pretty much tighten this up a little bit let's like let's just we'll give it we'll give it a little bit of a chance but we don't want to ride the whole fourth wave out here that makes a little bit more sense and this might even um let me see about this that's one and two one and two that's like 3 four five here so I could probably put that in there and this is a way for here how far will it pull back there's good support all through here so if you want to keep the stop just under here that should be fine and this all of these all of those lows there this is where this could come so I think this is probably a little bit more accurate um here for this that would sort of suit suit the game a little bit better still a bit small for a way four anyway you you can do what you want with this you know what I mean it's just like um I try to get you to the top but um so that's that and then we can have a look at the UK market and um we're FTSE 100 UKX (UK100) looking at uh we're looking at well I've got wave three here and wave four here and we've been counting to the upside here one and two and one and two and three and four and we really had a nice little sort of Pop there for this one and then we're going into this way forward now this looks a little bit we could push straight up from here but this one here looks a bit bearish to the downside and this here has got a bit of overlapping wave structure in it as soon as this Market here takes out these lows here then it'll be part of this wave four and this wave four can pull back to this wave four here not that it has to because it's really good support this is the 50 60 or the 62 and 65% pocket so we could look at this coming down here as well um realistically um so that's sort of okay at this point I guess kind of on track there we might need to adjust this a little bit further I don't particularly want to put wave four over here at this point but we may have to that means that I'll need to put this over to here so I don't want to do that at this stage I'll just leave this the way it is and then we come over to the S&P/ASX 200 (XJO) Australian market and uh we're on 1,000 ticks here so it's the fifth of August Journey to the upside here as well uh the same with stock and all the rest of them and uh let me just clean this up here and we're looking for this one and two to pull back over here somewhere so we're looking for five waves up so we got our um wave 1 and two here and we're going all the way up for three here now and that will be one and two and one two 1 2 3 4 5 the third fourth f for third fourth and 1 2 3 4 5 so we're Landing into the fourth here and then we'll go up for the fifth here how far that goes up I don't know um we'll just have to see um but that's basically where we are at the moment and also to um just let me this is the the API the uh the actual Futures contracts uh here as well for this so this is also quite clear and terms of one and two here and one and two and one two it's got even a nice it's much clean count to the upside so we got wave four here now wave four can pull back to the wave four one less degree uh here as well uh can pull back to this area here um but being at the 8,000 the the number eight here is going to be you know we can see it's a little bit grabby you know um so it's going to stick to that um but basically I was sort of looking at this you know this could get out of control a little bit as well but basically to tie it in with the NASDAQ and all the rest of it we can look at this as an a wve a b-wave and a seawave here and that low will be in place here and we can push up from here so we we do need to see the um the S&P and the NASDAQ move up so if I just bring the NASDAQ back here what you want to see is you want to see at some point in the future you want to see that top get taken out here not so much that one even that one there would be fine that would be the long if that gets triggered then all the other markets will get triggered as well so that's that's uh that will be quite key at that particular point now there stocks like um uh Nidia and apple and Netflix they're the ones that are leading to the upside the rest of them are sort of uh uh dragging their feet a bit um radio so this being on 1,000 ticks here we'll just go in I'll just show you how I counted that up there a little bit um so I was thinking of it like this with the a wve the B wve here and then coming down for one and two and 1 2 3 4 5 for the third fourth and fifth here for the c or fourth here it does appear that we got a bit of an Impulse wave up here so it's quite nice and uh we're sitting on top of 130 which is uh sorry 8:30 here top of group group one here well just subgroup one so look if you see the market sort of truen off a little bit you could probably B get get the smallest amount here and then look for a little classic trading levels pattern across here you know so it's got the first high above the level so to speak and then go long at that point that would be a bit safer so you do one contract here and two contracts here or something or rather um but you're in wave four so this is you know consider wave four the one that that uh that takes your money okay um so you need to trade less um so when you're going into you know wave two to wave three here this is where you trade trade more when you're coming into wave two to wave three here but now we're in wave four we need to trade less and if you do that you'll just you know you're just you're just managing your stuff better at that point you know uh okay so I'll leave it all at that um I'll just look at the bank so CBA here looks like it needs to just push up a little bit further but I could push this wave one into over here as well I'm not that Keen on doing that but Westpac uh has got a little wave four here and and Little Wave five so we could probably put westpack in here as being done and dusted at this point we'll see you know um the little move down here yesterday was on lower volume than the previous day so it's probably corrective and we'll probably push up further but I'm just saying that from here as one and two and three and four and five that that's the that's the impulse wave you know so uh we're close to the uh to the to the top here and you don't want to be trading around large numbers here by the way either you know you can take positions for longer term but not for short term cuz you just you're going to be frustrated all righty that's it uh thanks for tuning in Che for