Weekly Review | 19 May 2023

 SPX500 Weekly Review

The SP500 is currently in a corrective phase, following the ABC corrective pattern. The market is currently forming the corrective minor wave c. By observing the chart above, it is evident that the market has formed an expanding wedge pattern from minor wave a at 4147.1 to minor corrective wave b at 4097.9. This pattern is typically considered a bullish continuation pattern. Based on this, we anticipate this pair to exhibit bullishness for at least the next few days. Our target is set at 4181.0, and reaching this price zone will signify the end of the corrective phase. If you wish to act on this analysis, you can place buy orders now with your take profit set at 4181.0 and stop loss at 4099.7.

Trade Recommendations:

we're long

Gold Weekly Review

XAUUSD has formed an ascending channel starting from major impulsive wave a at 1989.54 and extending up to the end of the impulsive phase, major impulsive wave V at 2053.77. This pattern indicates a bearish reversal, suggesting that the price is likely to become bearish sooner or later. Additionally, this pair is currently in a bearish corrective phase. You have the option to place sell orders now (risk entry) or alternatively, we can wait for the market to break below the lower trendline of this ascending channel for a reduced-risk entry. It is important to note that if the market fails to break below 2003.43 and instead forms a bullish pattern, such as a double bottom, this setup will be invalidated.

Trade Recommendations:

We're sellers for now

Silver Weekly Review

XAGUSD is currently dropping. This pair has been bearish since the beginning of last week, specifically from 8/5/2023. However, we consider this bearishness to be a short-term trend that will soon come to an end. This assessment is based on the fact that the pair is in a corrective phase, and the overall trend is bullish. We expect the pair to drop to at least 22.544, which serves as a support zone. Furthermore, I anticipate the price to form a bullish reversal pattern, most likely a double bottom, and subsequently rise to at least 30.044 to complete the corrective phase.

Trade Recommendations:

We're long