Elliott wave analysis of Gold, Silver, Dow Jones, S&P 500 , Nasdaq 100 and Bitcoin | April 15 2024

Summary

In this informative video, host Shaheen dives into the current state of the bull market, focusing on gold and silver, as well as the US Stock markets including the Dow Jones, NASDAQ, and S&P 500. Shaheen is particularly bullish on gold and silver, anticipating significant price increases in the coming months, with gold potentially reaching $3,600 and silver $40. He also discusses the importance of understanding wave patterns and the potential for extended waves in market movements. Shaheen provides insights into specific companies like Newmont Corporation and Matala, and offers a cautious but optimistic outlook for the crypto market, with a focus on Bitcoin and Ethereum. The video concludes with a bearish stance on the Dow Jones and a detailed analysis of various cryptocurrencies, suggesting a deep movement for coins that have created double tops.

Takeaways

• 📈 The speaker is bullish on gold and silver, expecting significant price increases in the coming months.
• 🔍 The market analysis suggests that the price of gold may touch $3,000 per ounce, indicating a strong bullish trend.
• 📊 Silver is also anticipated to reach $40, potentially surpassing several resistance zones, based on the extended wave pattern discussed.
• 💹 The speaker has made investments in specific companies within the gold sector, highlighting a personal bullish stance on these investments.
• 📉 The US stock market, particularly the Dow Jones, is considered to be in a bearish trend, with a potential drop to around 29,000 points.
• 🚫 The support line for Dow Jones has been broken, signaling a continued downward pressure on prices.
• 🤔 The S&P 500 is showing relative strength compared to Dow Jones, but the speaker remains bearish until a new corrective pattern emerges.
• 🔑 The NASDAQ is also in a bearish state, with a broken support line and a completed correctional pattern indicating further price declines.
• 🌐 The cryptocurrency market is viewed as bearish, with Bitcoin potentially targeting a price of $20,000 on the downside.
• ⛓ The speaker suggests that certain cryptocurrencies that formed double tops, like Ethereum, may experience deeper price corrections.
• 📌 Solana is identified as a potentially good pick for the next bullish run in the crypto market, based on its distinct pattern and recent performance.

Q & A

What is the current market sentiment according to the host Shaheen?

Shaheen is bullish on the gold and silver markets, expecting significant price increases in the coming months. However, he is bearish on the US Stock Market, particularly on the Dow Jones, expecting further price declines.

Why does Shaheen believe gold is in a bullish market?

Shaheen cites the significant amount of money printed worldwide during the COVID-19 pandemic and the late reflection of these changes in gold prices as reasons for the bullish sentiment on gold.

What is the potential target price for gold that Shaheen is forecasting?

Shaheen forecasts a potential target price of $3,600 for gold, expecting a price increase of about $600 per ounce in the next two to three months.

What is the significance of the wave pattern that Shaheen discusses in the context of market analysis?

The wave pattern is a part of Elliott Wave Theory, which Shaheen uses to predict market trends. He discusses extended wave patterns, indicating a strong bullish or bearish sentiment depending on the market.

How does Shaheen analyze the potential for silver prices?

Shaheen uses a similar wave analysis for silver, expecting it to touch $40 within a couple of months, indicating an extended wave pattern that suggests a bullish run.

What is Shaheen's stance on the US Stock Market, specifically the Dow Jones?

Shaheen is bearish on the Dow Jones, expecting it to drop further after breaking a significant support line, with a potential target of around 29,000.

What is the potential target for the S&P 500 index according to Shaheen's analysis?

Shaheen's analysis suggests a bearish trend for the S&P 500, with a potential target at the bottom of the previous structure, which is not explicitly stated but implied to be lower than the current levels.

What is Shaheen's outlook for Bitcoin and the broader cryptocurrency market?

Shaheen is bearish on Bitcoin and the cryptocurrency market, expecting a significant drop in prices with Bitcoin potentially targeting $20,000 on the downside.

How does Shaheen suggest traders should approach setting stop losses when trading gold and silver?

Shaheen advises traders to use the previous low as a reference point for setting stop losses, cautioning against setting stop losses too close to the current price to avoid being caught in a potential correction.

What is the importance of labeling waves in market analysis as discussed by Shaheen?

Labeling waves is crucial as it provides an indication of the current market phase and helps in forecasting future price movements. It is a key aspect of Elliott Wave Theory, which Shaheen uses to predict market trends.

What are Shaheen's thoughts on investing in gold mining companies?

Shaheen is bullish on certain gold mining companies, specifically mentioning Newmont Corporation and its recent acquisition. He believes that such companies are poised for higher prices in the near future.

What is Shaheen's strategy for trading in the stock and commodities market?

Shaheen's strategy involves identifying wave patterns and support lines to predict market trends. He emphasizes the importance of being cautious, doing thorough research, and using proper risk management techniques such as setting appropriate stop losses.