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Weekly Review

Bitcoin weekly review:

Weekly Review 

Wave Analysis:

Recently, bitcoin recovered close to 4.1% the value it lost few weeks ago. we still expect further recovery to the upper side but only after a rebound from 4677.97. That means we'll first wait for a bearish correction towards 4677.97 then pick a buy position with an ultimate target at 20384.80. According to the weekly chart shown, Bitcoin is still bearish, although two main support can be seen around 4677.87 and 1692.95. Only if these levels are broken, do we expect the price to continue short towards 1000.00. This virtual currency should be traded alongside the others such as Ripple, Etherium and Others.

Trade Recommendations:

Remain flat.

Gold weekly review:

Weekly Review 

Wave Analysis:

After a slight decline in price at the beginning of this month, Gold has recovered almost 100% the value it lost and is currently rallying around a key monthly resistance zone 1329.47-1349.22. As long as this zone protects the upper side, a rally to the lower side is highly expected. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side but should not go beyond the monthly support level 1026.45, if this support is broken, then further decline towards 717.00 is expected. This commodity should be traded alongside Silver. These two have a strong positive correlation and may move in the same direction today.

Trade Recommendations:
Look for a short position now with an ultimate target at 717.00.

SPX500 weekly review:

Weekly Review

Wave Analysis:

Between September 2007 and December 2008, this stock crashed but could not go below 717.06, then between June 2015 and April 2016, again a massive correction was seen on this index but could not go beyond 1750.00. The a fortnight ago, we saw a massive crash of this index but ended up establishing a support around  2543.7. As long as this support protects the lower side, we're waiting for second pullback to this zone to pick  long position with an ultimate target at 2938.0. This index should be traded alongside FTSE100, HSI and Nasdaq. These have a strong positive correlation and will move in the same direction this week

Trade Recommendations"

 

Wait for a possible rebuy opportunity around 2543.7 with you target at 2938.0

FreshForex cancels commissions!

Graham Osano
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