Crude Oil still short
Gold weekly review
Ealier the previous trading week, Gold markets traded a bit higher and even broke above a key level 1232.69. This level acted as a key retracement level during the previous downtrend, on 16th November 2016, Now that the price is above this level, we expect this level to act as a support to any movements to the lowerside. Ideally, in the near future, we expect a second retest of this level to continue long with the impulsive wave (3) towards 1307.59. A break above this level will push the price further to the upper side but should not go beyond 1400. Expect a similar wave count in Silver. These two commodities have a strng positive correlation of up to +85% and will have a similar price action during this intraday.
Expect a possible bullish price movements towards 1307.59
Crude oil weekly review
Following the break below 52.06, the Crude oil retraced to the upper side but is still being capped by the just broken support level. We expect the current upward rally to be the current upward rally to be a mere correction of the impulsive wave (3) and should not go beyond 52.06 from where we'll be looking to continue short with the impulsive wave (3) to the lowerside towards 40.0. This pair has a strong positive correlation to most Canadian pairs, thus, this pair should be traded alongside pairs having canadian dollar as either the base or quote currency.
If you're not short already, wait and sell from 52.06-51.070 with an ultimate target at 40.
SPX 500 weekly review
During Tuesday the previous week's trading day, the Standard & Poor's 500 index traded massively short and even broke below a key support level 2346.80. This level acted as a key retracement level on 18th February this level and thus, now that the price is below it, we expect this level to act as a resistance to any invasion to the upperside. As long as this pair remains below this level we expect a possible bearish price movements towards 2279.89; the anticipated bearish price movements is the continuation of the motive wave (c) and should be extensive in nature. This view can only be invalidated in the price end up above 2346.60, if this is the case, then we expect further bullish price movements towards 2362.92 from where we'll be looking to continue short.
As long as the pair remains below 2346.80, expect a possible bearish price rally towards 2279.89.