Silver Weekly Review
XAGUSD is currently in the process of forming the impulsive (V) wave pattern.Although the current price trend is bearish, we anticipate it to be a short-term movement, considering it as a corrective minor wave (IV). Furthermore, we observe the formation of an ascending channel pattern, which typically suggests a bearish reversal. Our expectation is for the price to decline towards the level of 21.292, representing the completion of the minor corrective wave IV, followed by a subsequent rise towards our minimum target of 26.775 to complete the impulsive phase (major impulsive wave V). It is worth noting that the price has also formed a descending channel from the level of 24.183 to its current position, which serves as a bullish reversal pattern. Consequently, we expect the price to exhibit a bullish movement in the short term, potentially reaching the level of 24.183 before eventually retracing to complete the corrective major wave (IV).
Trade Recommendations:
Wait
Gold Weekly Review
XAUUSD has experienced a strong bearish trend over the past few weeks. As observed from the chart, the price movement has followed the pattern of an impulsive V-wave. Currently, the market is in the process of forming the corrective major wave "IV". Additionally, an expanding wedge pattern has emerged, indicating a bearish reversal signal. This pattern can be further confirmed by examining lower time frames such as 4-hour and 1-hour charts. Notably, the price has recently formed a double bottom at the level of 1940.50, which suggests a potential short-term bullish move. We anticipate the price to rise to around 1984.22 before resuming its downward movement to complete the major corrective wave IV at 1924.66.
Trade Recommendations:
We're looking for buy orders.
SPX500 Weekly Review
The SP500 is currently undergoing a corrective phase, following an ABC corrective pattern. At the moment, the market is situated within the minor corrective wave "b" at 4212.6. Our projection is for the price to form a double top in this zone and subsequently decline to reach our target of the minor corrective wave c, located at 3984.2. It is important to note that once the price reaches this zone, it will signify the completion of the corrective phase. However, if the price breaks above 4242.4, this particular setup will no longer be valid.
Trade Recommendations:
We're short for now
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