Weekly analytics- Elliott waves analysis – Temporarily buying Brent Oil

Brent Weekly Review

Temporarily buying Brent Oil

Wave Analysis

During the previous week, after breaking below 79.740, Brent oil traded further to the lowerside but could not go below 75.457. We went long following the bounce from 75.457 and is still holding, our expectation is that the price should continue to the upper side . The anticipated bullish price rally is the continuation of the current corrective three wave cycle and should break above 79.740. If this is the case, then we’ll wait for the corrective wave b to end before buying the last impulsive wave c with an ultimate target at 85.910.

Trade Recommendations:

we’re long towards 79.740.

SPX500 weekly Review

Temporarily buying Brent Oil

Wave Analysis

For the past three weeks, SPX500 has been on the losing end, last week, this index plunged further to the lowerside and is still pretty much bearish both on the weekly and the daily charts. On the weekly chart above, we’re seeing a good support at 2586.8, this is a weekly level and should the price fail to break below it, then this will be a good place to look for a long term long position with an ultimate target at 2927.0. A clear break below this level will culminate into a possible rally further to the lowerside towards 2389.0.

Trade Recommendations:

We’re short towards 2586.8.

 Gold weekly Review

Temporarily buying Brent Oil

Wave Analysis

In the past few days, Gold broke out above the upper trendline and is still pretty much above this wedge formation, following the break above 1231.43-1228.87, we expect further momentum to the upperside, the anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should break above 1241.24 towards 1246.25. This view can only be invalidated in case the price breaks below 12228.87, if this is the case, then a momentum towards 1206.90 or even lower is expected.

Trade Recommendations:

we’re looking for a long position from 1228.87-1231.43 towards 1241.24.

 

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