US500 Weekly review
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Wave Analysis
US500 having completed forming the impulsive V wave pattern the market is currently forming a minor corrective 3-wave pattern to the downside. From 1365.9 to 008.6 the market formed an ascending channel. Ascending channels always signal price reversal to the downside probably from the end of the channel to the beginning of the channel. I expect an impulse move to the downside that is from 3992.8 to 3940.7 which is likely to be the end of wave minor corrective wave c, this setup will be invalidated if the price breaks above major wave V,409.4, instead of moving to the downside as we have anticipated.
Trade Recommendations
Waiting for a long term sell.
Gold Weekly Review
Wave Analysis
XAUUSD has been on an uptrend for the last few days, it has already completed forming the impulsive V wave pattern, between the beginning of major wave I 1824.91, and major wave V,1928.35 the market moved in form of an ascending channel pattern, this indicates price reversal to the downside probably from wave V,1928.35 to the beginning of the ascending channel that is at 1824.91. Again there is 3 touch confirmation on the upper trendline of the ascending channel, the first touch at 1859.22, the second touch at 1881.10, and the third one at 1928.35, this increases the probability of this market selling. What I expect now is the market to sell from 1917.35 to 1878.74.
Trade recommendations:
Look for sell positions
Brent Oil Weekly Review
Wave Analysis
After bouncing off from 75.463, the Brent oil rallied to the upperside and is still showing signs of continuing to the upperside. On this chart, I am expecting a possible rally towards 86.762 and may breakout to the upperside towards 9.820 and may breakout even higher. On the flipside, should the price break below 75.463 or rebound from 86.762, then these are going to be good places to look for sell orders.
Trade Recommendations:
Wait
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