SPX Weekly Review
SP500 is currently exhibiting a bearish impulsive 'V' wave pattern. As shown in the chart above, the price has been experiencing a significant downtrend following the major corrective wave 'V' at 4332.7. Our expectation is for the price to decline, reaching at least the support zone at 4240.3, followed by a minor pullback. Subsequently, we anticipate the price to continue its descent, ultimately reaching our final target at 4186.9, where we expect the major outer impulsive wave 'V' to conclude. You may consider initiating a short position at this time, with your profit target set at 4186.9.
Trade Recommendations:
We're sellers for now
Gold Weekly Review
XAUUSD is currently in a strong bearish trend, with the price forming the major impulsive wave 'V.' As indicated in the chart above, the price is currently within a significant support zone. We anticipate a reversal to the upside, reaching at least 1856.78 before undergoing a subsequent bearish impulse. Our target for the downside move is 1837.78, which is where we expect the major impulsive wave 'V' to conclude. We will wait for the upside reversal to conclude before considering a short position.
Trade Recommendations:
We're sellers for now
Silver Weekly Review
XAGUSD is currently forming the impulsive 'V' wave pattern. It is important to note that the price is in a strong downtrend, characterized by lower highs and lower lows, indicating a bearish trend. Our target for the major outer wave 'III' is at "33.721", and we anticipate the price to drop to this level. After reaching 33.721, we expect a corrective reversal to our target for the major wave 'IV,' which is at "35.707". We will wait for the price to reach 33.721 before considering a long position.
Trade Recommendations:
We're sellers for now
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