SPX500 Weekly Review
Wave Analysis
Nothing much happened on this index last week, we saw an attempt to break below the 100 fib level but the price ended up closing again above it, As long as the price remains with 100% fib level and 127.2 % fib level, we are on the sidelines, our expectations is that the price should continue to the upper side and should break above 3397.4. A break above this level will mean we are continuing to the upper side with an ultimate target around 3500.00 or even higher. A pullback to the lower side could see price pullback much lower towards 23.6% fib level.
Trade Recommendations:
Wait for a low risk buy positions towards 3397.4.
Gold weekly Review
Wave Analysis
After establishing an all time high around 2076.30, Gold markets pulled back massively to the lower side but is still very much over bought according to the stochastic. As it is now, we expect nothing but further correction to the lower side towards 1880.70. If you are looking at this chart, keep looking for more sell positions with your targets set at 1857.90. As it is now, we may see further correction to the upper side towards 50.0% fib level. A break above this level will push the price much higher.
Trade Recommendations:
Wait
Buy Dow Jones
Wave Analysis
Dow Jones continues to rally above the two simple moving averages. As long as the price remains above the 200 Exponential moving average and also above the 30 EMA, we expect nothing but a possible momentum to the upper side towards 28664.0 or even higher. And on the flip side, should the price breaks below the 30EMA then we will be waiting for a break below the 200 to confirm a possible continuation to the lower side with an ultimate target around 24884.0 or even lower towards 24124.0.
Trade Recommendations:
Look for low risk buy positions towards 28664.
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