Gold Weekly Review
XAUUSD has been on an uptrend since last week. The market has completed forming the 5 major waves and as we can see on the chart the market is currently moving in the form of the corrective 3 wave pattern. The market moved impulsively from major wave 5,(1957.30), to minor corrective wave a,(1858.05). From minor corrective wave a,(1858.05) to minor corrective wave b,(1888.83) the market has been moving sideways in the form of an expanding wedge, this is a sign that this pair will drop soon. I expect this pair to drop from 1851.40 to 1786.75.
Trade Recommendations:
We're short.
SPX500 Weekly Review
SP500 is on a strong uptrend. The market is currently moving in the form of a minor corrective 3-wave pattern. From the chart above, we can clearly see that the market has been, moving in the form of an expanding wedge from major impulsive wave 5,(4189.1) to minor corrective wave a,(4047.3). I expect this pair to buy up to 4157.2, form a double top then drop up to around, 3939.1. we will mark 3939.1 as our minor corrective wave c. Lastly, there is a major zone at 4095.1, should the price fail to break above this level, the setup will be invalidated.
Trade Recommendations:
We're short
Silver Weekly Review
XAGUSD is currently moving in form of a corrective 3 minor waves pattern. The market has been moving in the form of an expanding wedge from minor corrective wave a,(22.147) to minor corrective wave b,(22.565).On the upper trendline of this expanding wedge we already have 3 touches. Again at point 22.162, there is a major zone(Resistance level), and as shown on the chart above the market has broken below this zone impulsively, which has increased the probability of this pair dropping. I expect this pair to drop from,21.797, to 19.098.
Trade Recommendations
We're sellers
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