Gold weekly Review
After extending to the lower side the impulsive wave (iii) could not go below 1260. Rather, this impulsive wave ended slightly above this level and is scurently, we expect this upward rally to be a mere unfolding of the corrective wave (iv) to the upper side but should not go beyond 1280, where we'll be looking to sell the impulsive wave (v) at the least risk possible. This commodity should be traded alongside Silver, these two have a strong positive correlation and will move in the same direction during week. Gold drags silver along with it. Only buy or sell silver is gold is giving the same signal.
Remain long but only up to 1280, you should be selling the impulsive wave (v).
For almost a decade now, the Standard Poor's 500 index has been in a constant up trend and is still pretty much bullish both on the daily and weekly charts. During this week, we expect a possible extension of the impulsive wave (5) to the upper side but should not go beyond 2704 during this week. If you didn't buy this pair following last week's forecast, you could wait for minor pullbacks to the lower side to re-buy the impulsive wave (5) to the upper side towards 2704. If this level is broken then the price could rise even further. The charts movements of this index is very similar to bitcoin, both appears to be in a constant up trend.
We're still long with with our first target at 2704.
Bitcoin weekly review
During the previous trading, as expected this cryptocurrency traded on the higher ranges and is still pretty much bullish both on the daily and weekly charts. We expect the upward rally that began last week to be the continuation of the impulsive wave (5) to the upper side but should not go beyond 5600 by the close of this week. If this resistance is broken, then the price could rise even higher towards 6500.0 by the end of this higher. Averagely, bitcoin could hit 10,000 by the end of the next five years.
Remain long with your target at 5600.00