Crude Oil Buy
Gold Weekly Review
Other than June, gold has been in an uptrend for almost 6 months in a raw. This is a clear bullish gesture, and following the end of the corrective wave (b) around 1212.86, we expect a possible extension of the impulsive wave (c) to the upper side but should not go beyond 1396.94. If this resistance is broken, then this pair could rise further but should not go beyond 1602.47. According to the monthly perspective, bullish are still pretty much in control and as long as the level 1212.86 protects the upside we'e good to remain long. This commodity drags along it silver with it. Any move in gold, attracts a similar move in silver.
Expect arise towards 1394.94.
SPX 500 Weekly Review
After an impulsive five wave cycle to to the upper side, the last motive wave (5) could not rise above 2490.44. We expect this level to have marked the end of this impulsive wave count, that the current bearish price rally is the unfolding of a corrective three wave cycle but should not go beyond 2346.81. We're waiting for the impulsive wave (a) to end around 2410.30, then a slight correction to the upside, then we'll sell the last impulsive wave (c) to the lower side but should not go beyond 2346.81. For almost a decade now, SPX 500 has been in a constant up trend and chances of rising to the upper side are very high compared to a bearish perspective.
Expect a possible correction towards 2361.81.
Crude Oil Buy
Last week, Crude oil consolidated around a tight not going below 51.28 or above 52.81. Following the end of the corrective wave (4) around 50.29, we expect a possible break above this range to continue long towards 54.16. The anticipated upward rally is the continuation of the impulsive wave (5) to the upper side with the first target at 54.16 and the next target at 56.21. If this last target is broken, then further acceleration to the upper side will be inevitable. This is from a bullish point of view, if the price can get below 49.94, then an acceleration towards 46.92 is expected. Overally, this commodity is an uptrend and therefore traders should focus more on long positions.
Wait for a break above 52.81 to long Crude Oil with the first target at 54.16