Weekly analytics- Elliott waves analysis – Still buying gas

Gas weeky Review

Wave Analysis

For an entire week, Gas traded impulsively to the upperside and is still several points below the upper resistive trendline. As long as this trendline holds price below it, we expect the price to rally upwards but should not break above this trendline, where we’ll be looking for a short position. However, should this trendline be violated to the upperside, then we expect a momentum towards 3.720. First, you may want to place your stops around 3.230 and the next at 3.560 but have the last around 3.720.

Trade Recommendations:

Still buying gas.

SPX500 weekly Review

Wave Analysis

Perfectly as previously forecasted, Standard poor’s index traded massively to the upper side and even went above 2752.5 and is now consolidating above this level, as long as the price is contained above 2752.5, we expect a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (5)  to the upper side and should break above 2857.0 towards 2912.5 or even higher. This view can only be invalidated in case the price breaks below 2752.5, if this is the case, then we’ll expect a rally towards 2630.5.

Trade Recommendations:

we’re long towards 2857.0

 Gold weekly Review

Wave Analysis

During the previous weekly ending 25th May , gold corrected itself upwards  and ended up above 1293.69. We expect the recent halt around 1277.20 to have marked the end of the  corrective wave (iv) that the current bullish price rally is the continuation of both the impulsive waves (v) and (c) to the upper side  but should not go beyond the weekly resistance level 1399.56. If this target is broke, then we’ll wait for a slight correction to the just broken zone to pick a long term long position with an ultimate target at 1785.20.

Trade Recommendations

We’re long towards 1399.56

 

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