Weekly Review | 26 May 2023

 SPX500 Weekly Review

The S&P 500 (SP500) has exhibited a bullish trend for the majority of last week. The market has been forming the impulsive (V) wave pattern, and according to the chart provided, it has already completed the formation of the impulsive (V) wave pattern. Currently, the market is at a major impulsive wave (V) level of 4212.8. We anticipate a bearish corrective pattern, specifically the ABC corrective pattern. It is now possible to place sell orders, with a suggested take profit level set at 4046.3. Please remember to utilize proper risk management techniques.

Trade Recommendations:

We're buyers for now

Gold Weekly Review

XAUUSD is currently in a corrective phase. Although the market exhibited bearishness for the majority of last week, we can now observe a shift in the trend due to the formation of higher highs and higher lows. The price is currently forming the minor corrective wave b. I anticipate the market to present a bullish flag pattern, potentially a double top, at the level of 1973.32. Upon confirmation of this pattern, we can consider buying with a target of at least 2011.68, which corresponds to our minor corrective wave c. Reaching this zone (2011.68) will signal the completion of the corrective phase.

Trade Recommendations:

We're buyers for now.

Silver Weekly Review

XAGUSD is currently in the process of forming the impulsive (V) wave pattern. Although the price is currently bearish, we anticipate this to be a short-term trend as we consider it a corrective minor wave (V). Additionally, this pair has also formed an ascending channel pattern, which typically indicates a bearish reversal. We expect the price to decline towards 21.292 (Minor corrective wave IV) and then rise, reaching a minimum target of 26.775 (major impulsive wave V) to complete the impulsive phase. However, at present, we do not have a clear confirmation for any trade, and it is advised not to enter any trades until we receive such confirmation.

Trade Recommendations:

Sell Silver