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Wait for a correction in Gold

Wait for a correction in Gold | 22 May 2020

Gold Wave Analysis 

Wave Analysis

Last week, the Impulsive wave (iii) continued to the upper side and even went above the level 1756.70, our previous week's target, we are waiting for a sign that the impulsive wave (iii) is ended so that we sell for short term the corrective wave (iv) towards 1740.70 where we will be looking for a low risk buy position. The anticipated bullish price rally is the continuation of both the impulsive waves (v) and [c] and should head straight towards 1777.81 or even higher, if you are on this charts now, keep looking for low risk sell positions temporarily, but, any breaks above the previous day's highest high will mean we are potentially continuing upwards.

Trade Recommendations:

Wait and buy the last impulsive wave (v) from 1740.70 towards 1777.81. 

CAC40 Weekly Review

Wave Analysis

Earlier this year, CAC4o declined massively after break below the supportive trendline and is still pretty much  bearish on the daily and on the weekly charts. We expect further momentum to the lowerside, we expect the current bullish price rally seen this week to be a mere correction and should  not go beyond 4619.0 where we'll be selling the last impulsive wave (c) to the lowerside with an ultimate target around 3845.5. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lower side and should break below 3590.0.

Trade Recommendations:

Wait for a resell from  4619.0.

DJ130 Weekly Review

Wave Analysis

Just as French Stock's Index, Dow Jones plunged several points after break below the supportive trendline earlier this week and is still very much bearish. We are waiting for a sigh that the corrective wave (b) is ended so that we sell the last impulsive wave (c) to the lower side and could break below 18,454. Or even lower, this view can only be invalidated in case the price breaks and closes above the previous month's highest, if this is done with a  big green candle, then this could be a good sign that we are continuing to the upper side with an ultimate target around 30,499.

Trade Recommendations:

Wait for a low risk sell order towards 18,454.0.

Bob Stan
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