Exxon Mobil Inc. (XOM) Stocks Elliott Wave Technical Analysis
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By tradinglounge · Posted
Stock Market Indices Overview: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200 - Featuring Elliott Wave Technical Analysis Our latest analysis focuses on the key global stock market indices, including the S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, and ASX 200, through the lens of Elliott Wave Theory. This approach provides insights into market trends, helping traders identify potential setups for both entry and exit points across these major markets. Elliott Wave Analysis for Major Indices: As we approach the upcoming Federal Reserve meeting in just six days, all eyes are on the U.S. economy. The upcoming PPI (Producer Price Index) figures represent the final significant economic data point that the Federal Reserve will consider before making its next rate decision. The market's reaction to this data could set the tone for how the major indices move in the short term. At present, I am analyzing two possible wave counts for the indices: 1. Wave (2) Low in Place: This scenario suggests that the corrective wave has completed, and the market is now poised to rally higher. 2. Wave (2) Not Yet Complete: Alternatively, there is still room for further downside before Wave (2) concludes. Currently, I lean toward the bullish scenario, as the price action in leading stocks like Amazon (AMZN) and Microsoft (MSFT) suggests underlying strength in the broader market. However, I remain flexible in my outlook, awaiting further confirmation from key market movements and the PPI data to finalize this wave structure. Video Chapters 00:00 SP 500 (SPX) 08:17 NASDAQ (NDX) 11:54 Russell 2000 (RUT) IWM ETF 13:03 DAX 40 (DAX) 16:13 FTSE 100 UKX (UK100) 17:23 S&P/ASX 200 (XJO) 22:39 End Analyst Peter Mathers TradingLounge Source: tradinglounge com -
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