Standard Poor Index is currently trading with an increasing bullish bias momentum. Perfectly as previously forecasted, this index pulled back to a key level before heading to the uperside. As long as the price remains above the level it went above previously, we expect nothing but a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (5) and should break above the 3000 handle by the end of next year. If this should be the case, then an accelaration further upwards is expected.
Gold weekly Review
During the previous trading week, Gold markets pulled back to the upperside but could not go above the 4 hour resistance line 1215.30. We expect the rebound from this level to have marked an end to the corrective wave (4) that any clear movements to the lowerside will be the unfolding of the impulsive wave (5) to the lowerside and should break below 1159.58 towards 1k or even lower. This view can only be invalidated in case the price brakes above 1215.30, if this is the case, then further movements to the upperside will be expected.
We’re short from 1215.30.
Oil Weekly Review
After the impulsive wave (5) failing to break above the end of the previous impulsive wave (3), the oil is now showing signs of rallying to the lower side, WE expect the rebound from 49 to have market an end to the previous five wave cycle, that the current bearish price rally is the continuation of a corrective three wave cycle and should break below 71.54 but should not go lower than 44.340. This view can only be invalidated in case the price breaks above 79. If this is the case, then an acceleration further upwards is expected.