SPX500 Weekly Review
The SP500 index has recently completed the formation of the impulsive major V wave pattern, indicating the conclusion of the impulsive phase. Presently, the market is trading at 4446.7. To confirm the end of the impulsive phase, we are waiting for the market to form a bearish reversal pattern, potentially a double top, at this zone (4446.7). Furthermore, it is noteworthy that the market has formed an ascending channel, which is generally regarded as a bearish reversal pattern. This adds to the indications of a potential reversal in the market. Upon the formation of the anticipated double-top pattern, it would provide confirmation of the end of the impulsive phase and serve as a selling opportunity. It is suggested to enter a sell trade at that point, with a take profit target set at 4048.7.
Trade Recommendations:
We're short for now
Silver Weekly Review
XAGUSD, the pair representing the price of silver against the US dollar, is currently in a corrective phase. The market is exhibiting a strong bullish sentiment at the moment. It is currently forming the minor corrective wave "b," with a target zone at 24.421. Based on the analysis, it is expected that the market will continue to rise until it reaches the target zone of 24.421. At that point, there is an anticipation of a double-top formation, which could potentially lead to a downward move. The projected target for the subsequent drop is 22.667. To take advantage of this setup, it is suggested to place a sell limit order around the target zone of 24.421. By doing so, the trade will be automatically triggered once the market reaches that level.
Trade Recommendations:
We're long for now
Gold Weekly Review
XAUUSD experienced significant bearish movement throughout the majority of the previous week. Presently, the market is in the process of forming the impulsive major wave 'V'; however, the impulsive phase has not yet concluded. The current position of the market is major wave "IV" at 1936.32. Notably, a double bottom pattern has formed at this zone, which is generally considered a bullish pattern indicating a potential price rise. Consequently, it is reasonable to consider placing buy orders. A recommended take-profit level for these buy positions is set at 2116.60.
Trade Recommendations
We're long for now
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