Gas Weekly Review
After a rebound from the weekly support 2.567, Gas has been in a constant uptrend and is still pretty much bullish both on the weekly and the monthly charts. We expect the bounce from 2.567 to have marked the end of the impulsive wave (c) that the current upward rally is the unfolding of the first impulsive wave (i) and should break above the upper trend line. If you’re not long already, you could wait for this breakout then buy the next impulsive wave (iii) or wait and buy the last impulsive wave (v) towards 3.739.
We’re long with an ultimate target at 3.739.
Gold weekly Review
Instead of going long as previously forecasted, gold market depreciated and even took out our stop 1296.59. We expect this downward rally to be a mere extension of the corrective wave (iv) but should not go beyond the end of the impulsive wave (i) where we’ll be looking to buy the last impulsive wave (v) and (c). This view only looks more ideal on the weekly chart, on the monthly, we’re likely to see further crash towards 1259.60 and may break below. This week, however, we’re waiting for a buy signal to pick a low risk buy position.
Wait for a buy signal with your take profit at 1399.56.
SPX500 weekly Review
Perfectly as we previously forecasted, after the end of the corrective wave (4) around the lower trend line, this index has been in a constant up trend and even went above 2754.4. This is a bullish dominance sign and as long as the price remains above 2754.4, we expect a possible rally to the upper side. The anticipated bullish price is the continuation of the impulsive wave (5) and should first break above 2800.0 before a move towards 2912.5 is seen. This view can only be invalidated in case the price breaks below 2754.4.
We’re long with an ideal target at 2912.5