Buy SPX500 | 17 April 2020

SPX500 Weekly Review 

Wave Analysis

SPX500 continued to move to the upper side and even went above the 50.0% fib level. This is a 50% retracement and while the price is not above to clearly break and close above 50.0% fib level.we will be looking for a possible long term buy order. We're waiting for a clear sign that both the corrective three wave cycle and (iv) is ended around 2786.1 so that we sell the last impulsive wave (v) towards 2196.0 and could breakout much lower. This view will only be invalidated in case the price breaks above 2803.5, if this is the case, then further momentum to the upper side is expected.

Trade Recommendations:

Buy a break above 2803.5 with your take profit at 3411.0.

NQ100 Weekly Review

Wave Analysis

Just as previously forecasted, the impulsive wave (c) continued to the upper side and should break above 8227.3 with an ultimate target around 8651.5. The anticipated bullish price rally is the continuation of the impulsive wave (c) and should break above 8651.5 with an ultimate target around 9790.0. If this level is broken, then further momentum much higher is expected. As it is now, this view can only be invalidated in case the price breaks and closes below 23.6% fib level, this being the case, we will be looking for sell orders.

Trade Recommendations:

Remain long with an ultimate target around 61.8.

Wave Analysis

Brent oil is currently in an active downtrend. As long as the price remains below the alligator indicator, we expect nothing but a possible momentum to the lower side, the anticipated bearish price rally is the continuation of both the impulsive waves (5) and (c) and should break below 26.780 towards 13.390 or even lower. If the price can fill the gap which was seen few week's ago, then this will be a good chance to consider picking low risk sell orders. A break and close above this gap could mean we are heading to the upper side.

Trade Recommendations:

Look for a possible long term sell order with an ultimate target around 13.390.