Bitcoin Weekly Review
Wave Analysis
Last week, we saw a surge in the price of Bitcoin but may breakout above the zone 51355.50. As it is right now, we're waiting for a breakout much higher and should break above 51355.50 and could continue much higher. The ultimate target is set around 56000.00 and may extend even higher. On the flipside, a breakout below 38k, may mean we are heading to the lowerside but should not go beyond 30534.53 and will continue much lower.
Trade Recommendations:
We're watching for a breakout above 51,355.50 and should push price much higher towards 56,000.00.
SPX500 Weekly Review
Wave Analysis
Last week, we saw a significant correction to the lowerside however, since establishing a swing high around 4536.1 and a swing low around 2170.1, the SPX 500 has pulled back to the lowerside just around 10% . As it is right now, we are expecting further extension of the corrective wave (4) to the lowerside but should not go beyond 23.6% fib level. If the price rebounds from this level, then this will be a good place to consider a possible buy of the last impulsive wave (5) to the upperside.
Trade Recommendations:
We're waiting for a buy from around 23.6% fib level towards 4705.00.
Gold Weekly Review
Wave Analysis
Last week, the price failed to reach out target set along the lowerside trendline, and instead pulled back few points away from it. As it is right now, we are expecting a possible rally towards the lower trendline and should not break below it. If the price breaks and closes below this trendline, then we'll be continuing short with the last impulsive wave (c) to the lowerside and should breakout below 1607.62 and should continue much lower.
Trade Recommendations:
We're waiting for a buy from along the immediate lower trendline towards 1838.34.
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