Brent Oil Weekly Review
For almost 3 months now, Brent oil has been on the losing end. This commodity lost value tremendously and is still showing signs of losing even further. As long as the price remains within the falling Channel formation, we expect further steep decline towards 56.92. According to the daily chart attached, we are waiting for a clear sign that the corrective wave (4) has ended so that we sell the last impulsive wave (5) to the lower side with the first target being 55.40 and the next being 50.00. And on the bullish end, should the price break above the immediate resistance trendline, then we expect further move to the upperside, with the next ideal target being 86.30.
Sell Brent oil now, with your first take profit at 58.40.
SPX500 weekly Review
Last week, instead of rallying to the upper side and forecasted, SPX500 lost immensely but failed to go below the level 2633.9. As we mentioned on our previous forecast, as long as the price remains above this level, we expect nothing but a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the last impulsive wave (5) and should extend beyond 2928.0 towards 3000.00 or even higher. On the chart attached, if the price should break below 2520.0, then this could be a ideal place to pick a long term sell with your target being below 2112.00 and the next at 1432.0.
Re-buy SPX500 from 2633.9 with your first take profit at 2928.0.
Gold Weekly Review
Gold is currently on a corrective mode, and is still within a rising channel formation. We expect the previous week’s move to the upperside to have been a continuation of the impulsive wave (E) and should not break above the upper trendline where we’ll looking for a long term sell. If you’re looking at this metal right now, then you may want to wait for a sell signal now, or you wait for a breakout above the immediate trendline to pick a long term long position towards 1286.50. This means a break above 1254.50 will attract a long term long position with an ultimate target at 1286.80. A bounce from the same trendline will mean we’re short with our target being along the supportive trendline.
Wait for a bounce from the upper trendline to sell Gold.
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