Bitcoin Weekly Review:
As previously forecasted, the corrective wave (4) extended slightly to the lower than expected and even broke below the support level 3895 and still below. This week, we expect a possible extension of this corrective rally but should not go beyond the end of the first impulsive wave (1). This is from a bearish point of view, if the price should give us a clear buy signal, then this will act as the unfolding of the impulsive wave (5) to the upper side with an ideal target at $4500 and could break higher with an ultimate target at $4700. This crypto-currency should be traded alongside other crypto-currencies such as Etherium, though not strongly positively correlated, they tend to follow the same price patterns.
Look for a clear bullish signal to buy Bitcoin towards $4700.
SPX 500 Weekly Review
We expected a possible continuation of the corrective wave (4) to the lower side, but as it appears, this bearish correction could not go below the support level $2428.5, rather it rebound from this level and is now rallying even higher. We expect the upwards rally that began few weeks ago to be the unfolding of the impulsive wave (5) to the upper side but should not go beyond the resistance level $2523.0, if this level is broken, then the price could upsurge even further with an ultimate target at $2600. This index has somehow a strange positive correlation with the Bitcoin, both appears to be in constant up trend, retracing only slightly before continuing long.
We’re long with an ultimate target at $2600.0.
Brent Still to rise
Brent Oil continues to hover above the lower supportive trend line but should not break below it. We expect the corrective wave (b) to have ended around the lower trend line, that the current bullish price action if the continuation of the impulsive wave (c) to the upperside with the first target at $58.67 and the next target at $70.17. If the last target is broken, then a confirmation will be required to confirm that the price could rise even further with the next target at $90. Brent Oil should be traded alongside Canadian pairs, for sometimes now, the price of oil seems to affect most pairs having Canadian dollar as the base and quote currency,
We’re long with the first target at 58.67 and the next target at 70.27.