SPX500 Weekly Review
The SP500 is currently exhibiting strong bearish tendencies. The market is undergoing a corrective phase, with the formation of the minor corrective wave c in progress. We anticipate a potential market drop, with a target of at least 4383.5. It's important to highlight that this zone functions as a support level. A breach below this level would serve as confirmation for us to consider adding more short positions. For those considering entering short positions, you might contemplate doing so with a target range of 4383.5-4329.4. Remember to implement proper risk management strategies to mitigate potential risks, especially in times of heightened volatility.
Trade Recommendations:
We're short for now
Silver Weekly Review
XAGUSD is currently in a bullish corrective phase. As we can see from the chart above, the market has completed forming the impulsive 'V' wave pattern. It's important to note that the market is currently within a support zone at 22.621. I expect the market to rise, reaching at least the next resistance zone at 22.906. However, if the market breaks below the support zone at 22.621, this setup will be invalidated. We will wait for the market to provide a bullish signal before entering long trades.
Trade Recommendations:
We're expecting a bullish correction.
Gold Weekly Review
XAUUSD has been bearish for the last few days. The market has been in an impulsive phase for some time. Currently, the market is experiencing a bullish corrective phase, indicated by the ABC corrective pattern. We can observe that the market is currently within a support zone. Our expectation is for the market to rise, reaching at least up to 1932.51. You may consider placing a long position now with your profit target set in the range of 1925.68 to 1932.5.
Trade Recommendations:
We're expecting a move to the upperside
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