Gold weekly Review:
Instead of continuing long as previously forecasted, we’ve seen a possible correction of the impulsive wave (c) to the lower side but should not go beyond 1273.90, where we’ll be looking to rebuy the impulsive wave (c) at the least risk possible. Ideally, we expect the downward rally that began few days ago to be a mere corrective wave count, and that in a few weeks to come, we’ll continue long with the impulsive wave (C) with an ultimate target at 1396.94. This commodity should be traded alongside Silver, these two commodities have a strong positive correlation and will move in the same direction during this intraday. Gold drags silver along with it, any serious move seen in gold, should also been in silver.
We still expect a possible bullish wave count towards 1396.94
SPX 500 Weekly Review
For some few days ago, the impulsive waves (v), and (5), extended massively to the upper side and even went above the end of this impulsive wave (iii) but most importantly went above the resistance zone 3490.44-2470.64. As long as this zone protects the lower side, we expect a possible extension of the impulsive waves (v) and (5) but should not go beyond 2600 during this week. This view can only be rendered futile in case the price goes below 2470.64, if this is the case, then we this break below to the unfolding of a corrective three wave cycle to the lower side but should not go beyond 2146.81. This index has a strange positive correlation to Bitcoin and may move in the same direction during this intraday.
We still expect a possible bullish price rally towards 2600.00
Bitcoin Weekly Review:
Since our previous forecast, Bitcoin has made very scanty movements towards our forecast. We expected a possible bullish spike towards 4700.00, however, Bitcoin rose slightly to the upper side but ended up closing just few pips above it’s opening price. According to the daily chart above, we still expect a possible extension of the impulsive wave (5) to the upper side but should not go beyond 4700.00. If this resistance is broken, then Bitcoin could rise up to 7000.00 by the end of next year. This cryptocurrency should be traded alongside other cryptocurrencies such as the Etherium and others.
We still expect a possible bullish price rally towards 4700.00. But we’re waiting for a clear bullish indicator to buy this cryptocurrency.