Sell SPX500 | 28 July 2023

SPX500 Weekly Review

SP500 has been bullish for the last few weeks, and currently, the market has completed forming the impulsive V wave pattern. The market is now in a corrective phase. We expect the market to experience a drop in a corrective ABC pattern. As we can see from the chart above, the market has formed an ascending channel, which is a bearish reversal pattern. Our anticipation is that the market will form a double top at 4572.1 and then drop down to 4056.4. We will wait for the double top pattern to form and then place sell orders.

Trade Recommendations:

We're short for now

Silver Weekly Review

XAGUSD is currently in an impulsive phase. The market is currently forming the impulsive major wave V, with our target set at 27.471. Note that the price reaching this zone will mark the end of the impulsive phase. Currently, the market is at 24.533. This pair is exhibiting very bullish behavior, and we expect the market to form a bullish continuation pattern, probably a double bottom, and then rise up to 24.471. We will wait for the market to form the double top pattern before entering the buy trade.

Trade Recommendations:

We're long for now

Gold Weekly Review

XAUUSD is currently in an impulsive phase, with the market forming the impulsive major wave "V," indicating a continuation of the bullish trend. As seen on the chart, the market has recently formed a double bottom at 1906.28, which is a bullish reversal pattern, providing further confirmation of the upward momentum. For traders currently holding a buy trade, it is advisable to consider moving the stop loss to breakeven. This action will help protect your profits and minimize potential losses in case the market reverses. As the market continues its impulsive phase, it is essential to stay vigilant and monitor price action for further opportunities to maximize gains. Always adhere to proper risk management practices to safeguard your capital during trading activities.

Trade Recommendations:

Buy Gold