SPX500 Weekly Review
Wave Analysis
SPX500 continued to the upperside during the previous week and is still pretty much bullish both on the daily and on the weekly charts. As it is now, we are buyers, we are waiting for a clear breakout above 61.8% fib level to pick a long term buy order. This position is the continuation of the impulsive wave (c) and should break above 3085.0 towards 3367.5. This view will only be invalidated in case the price breaks and closes below 38.2% fib level, if this is the case, then a momentum to the lowerside is expected.
Trade Recommendations:
Buy a sustained move above 61.8% fib level with your take profit at 3367.5.
Brent oil weekly review
Wave Analysis
Just as previously forecasted, the corrective wave (4) could not go beyond 38.045, Crude oil bounced off from around 35.040 and is currently heading to the lowerside, we expect this bounce to be an end to the corrective wave (4) that the current bearish price rally is the continuation of both the impulsive waves (5) and (c) and should break below 26.200 towards 18.265. On this chart, only sell positions looks ideal and can be recommended, but should the price attempt a break above 38.040, then we may consider a buy.
Trade Recommendations:
Remain short with your take profit at 18.265.
NQ100 weekly Review
Wave Analysis
Just as expected, this index gained value significantly and is still pretty much bullish both on the daily and on the weekly charts. While the price is contained above 61.8% fib level, we expect nothing but a possible momentum to the upper side, the anticipated bullish price rally is the continuation of the impulsive wave (c) and should break above 9031.0 towards 9790.00 or even higher. As it is now, a retracement back towards the 61.8% fib level will give us a good place to pick a buy from.
Trade Recommendations:
Rebuy rebound from 61.8% fib level with your take profit at 9790.0.
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