Weekly analytics- Elliott waves analysis – Looking forward to buying Brent Oil

Gold Weekly Review:

Looking forward to buying Brent Oil

Wave Analysis

According to the monthly chart attached, a key monthly resistance zone is around 1354.54-1334.79. This is  a key zone and unless is broken with a big green candle, this is a good sell place. The idea is to look for a possible long position towards this zone to pick a long term short position towards 1078.00. If you’re not in any position at the moment, you may wait for a possible correction to pick a long position towards 1354.54, this level, 1354.54 is a good place to look for a short position towards 1078.08.

Trade Recommendations:

Wait for  a correction to pick a long position towards 1354.54.

Brent Oil Weekly review

Looking forward to buying Brent Oil

Wave Analysis

Perfectly as previously forecasted, the impulsive wave (c) brokeout above the daily resistance zone 61.06-62.69 and is still above this zone. As long as the price remains above this level, we expect nothing but a possible rise towards 65.06, the idea is to wait for  a retracement towards the same zone to pick a long term long position. And on the flip side, should the price break below 61.06, then we’ll wait for a confirmation that the price will continue to the lowerside with the next ideal target at 51.55.

Trade Recommendations:

Wait.

SPX500 weekly Review

Looking forward to buying Brent Oil

Wave Analysis

After a steep correction below 2590.8, SPX500 has gone back above the same zone. As long as the price remains above this zone, (marked above), we expect nothing but a possible correction towards 2624.6-2598.8 to pick a possible long term buy towards 2959.0. If you’re not any position, you could place a pending sell limit order around the zone marked above to pick a long position.  close below 2598.8 will mean waiting for a possible confirmation that we’re short with an ultimate target at 2425.0.

Trade Recommendation

Place a pending buy limit order at 2624.6 towards 2959.0.

BECOME FRESHFOREX ANALYST!