Gold Weekly Review
Wave Analysis
During the previous trading week, the corrective wave (4) extended massively to the upperside but failed to break above the upper trendline acting as a resistance to the falling channel formation. As long as the price remains within this channel, we're waiting for a clear sign that the corrective wave (4) is ended so that we can sell the impulsive wave (5) to the lowerside. This view can only be invalidated in case the price breaks above the upper trendline to pick a long term long position with an ultimate target at 1227.10. Should the price break below 1160.20, then this will be a good sell place.
Trade Recommendations:
we're short from the upper trendline towards 1160.20.
SPX500 Weekly Review
Wave Analysis
During the previous trading day, the impulsive wave (5) extended sinifucantly to the upperside and even went above a key daily level 2854. This was a amain move and as long as the price is contained above this level, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (5) and should break above 3000 to even higher level. According to the daily chart above, we're waiting for a correction towards the just broken level to pick a long term long position.
Trade Recommendations:
We're long from 2854.
NASDAQ100 Index Weekly Review
Wave Analysis
During the previous trading days, the impulsive wave (5) extended to the upperside and is still pretty much bullish both on the daily and the weekly charts. Following the breakout above 7436.0, we expect further movements upwards. Ideally, we expect the NASDAQ100 index to continue further upwards and should go beyond 7865. Lon term traders can still look for long positions now, or wait for corrections towards 7436.00 to pick a long term long position. According to the chart above, only buy positions can safely be recommended.
Trade Recommendations
we're long
101% Double the volume
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