SP500 is in a corrective phase, the market is currently bullish, the market formed a descending wedge that is expanding in nature, from the beginning of major wave (I),4810.6, to major wave (V),3560.6. This is a reversal pattern. Again, as we can see in the chart above, the market formed a double top at minor corrective wave c,(4171.9). and the market responded positively to this bearish pattern the price is currently dropping, and I expect the price to drop up to 3914.7. You can place a sell trade now with your profit target at 3914.7 and stop loss at 4148.7.
Trade Recommendations:
We're short
Gold Review
XAUUSD is on a strong downtrend, the market is in a corrective phase, and as we can see on the chart above the market is moving in a descending channel, From 1858.18 to where the price is now which is 1809.79. So since the market is at a major zone we will wait for a possible break out to the downside then we enter sell trades, as the price will likely drop up to the minor corrective wave c 1786.85. Should the market fail to break below this major zone and instead form a double-bottom pattern (bullish pattern), we will close all open sell orders and look for buying opportunities.
Trade Recommendations:
We're short
Silver Review
XAGUSD is currently on an uptrend, again the market is in a corrective phase, as we can see on the chart above the market has been moving in form of a descending channel( which is a reversal pattern) from a minor corrective wave a,(22.126) to where it is now which is 20.692. Since at 20.564, there is a major zone, the price is likely to be rejected at this level, should this happen the market will buy up to 21.224 and then drop up to minor corrective wave c,(19.098). Should the price break below the major zone at 20.564 and retest, this setup will be invalidated.
Trade Recommendations:
Wait
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