During the previous trading week, Gas rose tremendously and even went above the weekly resistance trendline. As long as the price remains above this trendline, we expect nothing buy a possible momentum to the upperside. The anticipated bullish price rally will be the unfolding of an impulsive wave count and should break above 3.050 but should not go higher than 3.830 by the end of this week, if you’re not long already, wait for a correction towards the same trendline to pick a long position towards 3.180.
Trade Recommendations:
As long as the price is above the upper trendline, expect a rally to the upperside.
SPX500 weekly Review
Wave Analysis
During the previous trading week, SPX 500 retraced perfectly to the daily support level 2871.4 but before heading to the upperside, the price then went ahead to break above 2916.12 and is still pretty much above this level. The line 2916.12 is a perfect daily support and as long as the price remains above it, we expect a possible momentum to the upperside. The anticipated bullish price rally is the unfolding of an impulsive wave count and should head towards 3000.00. If you’re not short already, wait for a correction towards 2916.12 to pick a long position.
Trade Recommendations:
Rebuy SPX 500 around 2916.12.
Gold Weekly Review
Wave Analysis
Gold markets continues to sustain the break below 1203.19 and is still pretty much bearish on the weekly charts. As long as the price remains below 1203.19, we expect nothing but a possible momentum to the lower side. If you’re not short already, wait for a slight correction to the upper side, then pick a long term short position with an ultimate target at 1045.70. This view can only be invalidated in case the price beaks above 1202.19, if this is the case, then an acceleration towards 1399.56 is expected.
Trade Recommendations:
As long as the price remains below 1203.19, expect a rally to the lower side.
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