Weekly analytics- Elliott waves analysis – SPX500 still on a Crash Mode

SPX500 Weekly Review

SPX500 still on a Crash Mode

Wave Analysis

Despite the previous forecast that this index could rise towards 2904.0, SPX500 rallied to the lowerside and is still pretty much bearish both in the daily and the weekly charts. As long as the price remains below 2608.5, we expect nothing but a possible momentum to the lowerside, The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should break below 2429.4, if you’re not short already, you could wait for a minor pullback to the upperside to pick a long term short position to the lowerside.

Trade Recommendations:

We’re short towards 2137.5.

 Gold weekly Review

SPX500 still on a Crash Mode

Wave Analysis

During the past week, we expected a possible pullback to the lowerside but as it looks, gold markets rallied to the upperside and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above the upperside trendline, we expect nothing but a possible momentum to the upperside with an ultimate target at 1273.40. The anticipated bullish price rally is the continuation of the impulsive wave (c) and should break above 1273.40 towards 1301.0. The idea here is to wait for a minor pullback to pick a long position.

Trade Recommendations:

We’re long with the impulsibe wave (c) towards 1301.00.

Brent Oil weekly Review

SPX500 still on a Crash Mode

Wave Analysis

For almost three months now, Brent oil has been on the loosing end. Last week, Brent oil continued to trade to the lowersie and is still below the Envelopes trend indicator. As long as the price remains below the Envelopes indicator, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and may break clearly below 52.25, if this is the case, then further momentum towards 50.0 or even lower. Conservative traders could wait for a possible correction towards 58.85 to pick a long term short position.

Trade Recommendations:

Resell Brent oil from 58.85 with your first target at 52.35.

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