SPX500 Weekly Review
SP500 has exhibited a strong bullish trend in recent weeks, and the market has successfully completed the formation of an impulsive V major wave pattern. Presently, the market is situated at major impulsive wave "V" at 4523.5. Notably, the market has formed an ascending channel, extending from 4421.2 to 4523.5, which is typically considered a bearish reversal pattern. Based on this analysis, there is an expectation for a potential decline toward the target of 4048.7. Traders should monitor the price action closely for confirmation of the bearish reversal before considering any sell trades.
Trade Recommendations:
We're short for now
Silver Weekly Review
XAGUSD is exhibiting a strong bullish trend, as the market is currently in an impulsive phase. The price is forming the impulsive major wave "V", with a target set at 27.901. Notably, the market previously formed a falling wedge pattern, which typically indicates a bearish reversal. However, the market has convincingly broken above the upper trendline of this pattern, suggesting a shift in momentum. Based on this analysis, it is possible to consider placing a buy order with a take profit set at 27.901 and a stop loss at 24.071 to manage risk effectively.
Trade Recommendations:
We're long
Gold Weekly Review
XAUUSD is presently experiencing an impulsive phase, with the market in the process of forming the impulsive major wave "V". The completion of this wave will signify the conclusion of the impulsive phase. Furthermore, based on the chart analysis, we observe a double bottom pattern formed at 1906.28, which indicates a bullish reversal pattern. In light of this, it is suitable to consider entering a buy order with a take profit level set at 2144.22 and a stop loss at 1932.57. Remember to implement proper risk management strategies to safeguard your trading position.
Trade Recommendations:
We're long for now
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