After rebounding from the upper trendline, Gas has been in a constant downtrend perfectly as previously forecasted and is still pretty much bearish both on the weekly and monthly charts. During this week and possibly in the coming week, we expect this downward rally to extend to the lowerside but should not go beyond the weekly support level 2.567. You can still look for short positions now, otherwise, you may have to wait for a rebound from 2.567 to pick a long position with your target along the upper trendline.
We’re still short towards the lower trendline.
Wave Analysis
After an incessant decline in value, Gold markets failed to break below the weekly support 1203.10. This is a key level and as long as the price remains above this level, we expect a possible rebound from this level to pick a long term long position with an ideal target at 1399.55. Ideally, we expect the halt around 1203.10 to have marked an end to the corrective wave (iv), that any clear move to the upperside will be the unfolding of both the impulsive waves (v) and (c) but should not go beyond 1399.55. If this target is broken, then the price will continue further to ther upperside.
Trade Recommewndations:
Expect a possible rally to the upperside with an ultimate target at 1399.55.
SPX500 Weekly Review
Wave Analysis:
During the previous trading week, SPX500 corrected itself to the lowerside but is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above the weekly support level 2500.00, we expect a possible spike to the upperside with an ultimate target at 3000.00. This view can only be invalidated in case the price breaks below 2500.00, and even then, we’ll still be waiting for another break below 2712.5 to confirm further momentum to the lowerside, but at the momentum, we’re focused more on the buy positions, infact, we’re waiting for further corrections to pick a low risk buy position with an ultimate target at 3000.00.
Trade Recommendations:
We’re looking for long positions towards 3000.00
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