SPX500 Weekly Review:
During the previous weekly ending 15th June, SPX500 rallied massively to the upper side and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above 2712.8, we expect a possible momentum to the upper side with an ultimate target at 2857.0. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and may breakout above 2912.5 but should not go beyond 3k. This view can only be invalidated in case the price breaks below 2712.5.
We’re long with our target at 2912.5.
Gas Weekly Review
Perfectly as we previously forecasted, gas rallied massively to the upperside but is currently approaching a key resistive trend line, unless there’s a clear breakout above this trend line, we highly recommend remain flat, but should the price violated this trend line, then we’ll wait for a pullback to the just broken line to pick a low risk buy position. We expect this upward rally to be an onset to an impulsive five wave cycle and should break above 3.550 but should not go beyond 3.920. This view can only be invalidated in case the price rebounds from the immediate trend line.
Buy gas upon a break above the upper trendline.
Gold weekly Review
During the previous week, instead of picking a momentum to the upper side, gold markets lost value considerably and is still very bearish on the weekly charts, this week and possibly during the coming week’s, we expect the corrective wave (iv) to continue to the lower side but should not go beyond 1250.40, where we’ll be looking to buy both the impulsive waves (v) and (c), with our target at 1399.55. If the price should break below 1250.40, then the next best place to buy gold is upon a rebound from the lower supportive trend line.
101% Double the volume