Gold, Brent, SP500, Weekly Review
Gold Weekly Review
Since January, Gold markets have risen incessantly and is still rising. The previous month's candle is a perfect bullish pin bar, and as long as the level 1082.3 is not broke to the lower side, we expect a possible bullish momentum towards the monthly resistance level 1356.37. The anticipated upward rally is a mere correction of the previous five wave cycle and should not go beyond 1393.83 from where we'll be looking for low risk sell opportunities. Expect a similar wave count in Silver these two commodities have a strong positive correlation of up to +86% and will move in the same direction during this intraday.
Expect a possible bullish price movements towards 1356.37.
Brent Weekly Review\
Instead of going long as previously anticipated, Brent oil plunged lower and could head further to the lower side. As long as the just broken support level 51.41 is not violated, we expect a possible pullback to the just broken level to short this commodity with an ideal target at the weekly support level 48.43. The anticipated bearish price rally is the continuation of the impulsive wave (c) but should not go beyond 45.15. Expect a near similar wave count in most Canadian pairs.
Expect a possible bearish price rally towards 45.15.
SP500 weekly Review
As previously expected, both the inner and the outer impulsive waves (v) and (5) traded on the higher ranges and are still pretty much bullish. During this week, we expect further bullish momentum with the first target at 2522. A breakout above this level will push the price further to the upper side but should not go beyond 2600. The anticipated upward rally is the continuation of both the impulsive waves but should not extend higher than 2600. Trade this index alongside other indices such as the German stock index.
During this week, expect a possible bullish price rally towards 2522