WTI Weekly Review
Wave Analysis
During the previous trading week, Brent oil rallied to the upperside and is now above the upper resistance zone 83.33. While the pricee remains above this level, I expect nothing but a possible momentum to the upperside, the anticipated bullish price rally is the continuation of the last impulsive wave (5) to the upperside and may see the price continue to the upperside with the next ideal target set around 100.90 and may extend much higher.
Trade Recommendations:
We're buyers towards 100.90.
SPX500 Weekly Review
Wave Analysis
Last week, the SPX500 bounced off from the untested supportive zone around 4190. As long as the price remains above this zone, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally will mark an end to the correction of the previous impulsive five wave cycle and may push the price much higher. Basically, we are watching for a possible break above 4709.2 and may continue much higher.
Trade Recommendations:
We're buyers towards 4709.2 and may extend much higher.
Gold Weekly Review
Wave Analysis
Gold continues to rally within a range, not going above the upper trendline or below the lower trendline. As it is right now we expect nothing but a possible rebound from the upper trendline to pick a sell and a rebound from the lower trendline to pick a possible long term buy position and may see the price break above the upper trendline. A break below the lower trendline will push the price much lower towards 1536.90 and may extend much lower. A break above the upper trendline will push the price much higher towards 2000.09.
Trade Recommendations:
We're on the sidelines.
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