SPX500 Weekly Review
SP500 has been on an uptrend for the last few days. The market moved in form of an impulsive 5-wave pattern from3800.0 which is the beginning of our major wave (I) to 4196.7 which is our major wave V. Normally, after every 5 major waves the market corrects in form of a corrective 3 minor waves. The market moved impulsively to the downside from major wave V,4196.7, to where it is now which is 4124.2, we have marked this point as our minor corrective wave a. Again at minor wave a,4124.2, the market has formed a double bottom. I expect the market to move up slightly to around 4171.1 before dropping. we will mark 4171.1 as our minor corrective wave b.
Trade Recommendations:
Sell For now
Silver Weekly Review
XAGUSD has been on an uptrend for some time, but now it seems the trend is changing. The market has been consolidating from major wave III,24.031, to major wave V,24.568. The market has broken below the key level at 23.106 impulsively, this shows that the market is on a strong downtrend. The market is currently moving in form of a minor corrective 3-wave pattern, the price is at minor corrective wave a (22.176). At wave a the market has formed a double bottom, I expect this pair to buy up to around 23.131.
Trade Recommendations:
We're short
Gold Weekly Review
XAUUSD has been on a strong uptrend since last week. From major wave 3,1926.73 to major wave 5,1957.30, the market moved in form of an ascending channel that is expanding in nature. Ascending channels signals trend reversal to the downside. The market broke below the lower trendline of this ascending channel impulsively, again at 1899.37 there is a key level which the market has broken below. After breaking a key level impulsively we'll expect a recovery through corrections probably from 1862.90 to 1910.62 then a further drop As shown on the chart.
Trade Recommendations:
We're short
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