Brent Oil Weekly Review:
Wave Analysis
For the past days, Brent Oil has been on the loosing end. As long as the price remains below 85.90, we expect further correction to the lower side with an ultimate target at 79.74. The anticipated bearish price rally is the continuation of the corrective wave (iv) and could rebound from 82.60 where we'll be looking to buy the last impulsive waves (v) and (c) to the upper side with an ultimate target at 90.00. If you're not long already, you could wait for a breakout above 85.90 to pick a long term long position towards 90.00.
Trade Recommendations:
We're long above 85.90.
Gold weekly Review
Wave Analysis
Despite the previous forecast that this Metal could plummet upon hitting the upper trendline. Gold markets are still oscillating around the upper resistive trendline. As long as the price remains below this level, we are waiting for a clear rebound from this level to pick a long term short position. Ideally, a rebound from the upper trendline will mark an end to the corrective wave (D) and should be the beginning of the last impulsive wave (E) to the lowerside and should breakout below the lower trend line towards 1157.10.
Trade Recommendations:
we're selling from the upper trendline.
SPX500 weekly Review
Wave Analysis
During the previous week, instead of continuing to the upperside, SPX500 continued to pullback to the lowerside but is still above 2877.2, As long as the price remains above this level, we expect further momentum to the upperside. The current bearish price rally is barely the continuation of the impulsive wave (5) and should not break below 2877.20 where we'll be looking to buy the last impulsive wave (5) with an ultimate target at 3000.00. If you're not long already on this index, you could wait for a rebound from 2877.20 to pick a long position.
Trade Recommendations:
we're long from 2877.20
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