As previously forecasted, Brent fell to the lower side and will likely fall further. The anticipated bearish price rally is the continuation of both the inner impulsive wave v and the outer wave (c) but should not go beyond 45.51. Any further movements below 45.51 will move further to the lower side with the next ideal target at 38.34. This commodity should be traded alongside most Canadian pairs. The price of oil tends to affect most Canadian pairs and should be watched closely. With that in mind, any clear trade in this commodity may attract a similar trade on most Canadian pairs.
Trade Recommendations.
Expect a possible bearish price rally towards 38.34
Expect a possible bullish price movements towards 2500
Wave Analysis:
Since 1st February 2009 , SP500 has been rising consistently and could still rise even during this week. We expect the level 2430.5 to act as a support to any movements to the lower side thus, as long as this level remains un-violated to the lower side, we expect a possible bullish price movement. The anticipated upward rally is the continuation of the impulsive wave (5) to the upper side but should not go beyond 2500. This index should be traded alongside other indices and as long as these indices shows the same signal, then it's safe to execute the same trade in SP500.
Trade Recommendations:
Expect a possible bullish price movements towards 2500.
Expect a possible bullish price movement towards 1383.36
Wave Analysis
Despite the bullish pin bar candle seen during the previous month on the monthly chart, gold market has not risen any higher but could still rise. Especially as long as 1191.12 is not broken to the lower side, we expect a possible bullish price movements. The anticipated upward rally is the continuation of the impulsive wave (c) to the upper side but should not go beyond 1383.26. Gold should be traded alongside Silver, these two metals have a strong positive correlation of up to +71% and will move in the same direction during this week. As long as gold is giving the same signal as silver, trade these two alongside each other.
Trade Recommendations:
Expect a possible bullish price movement towards 1383.36
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