Weekly analytics- Elliott waves analysis – We’re long in SPX500

SPX500 weekly Review

Wave Analysis

Perfectly as we previously forecasted, the impulsive wave (5) extended significantly to the upper side and is still pretty much bullish both on the weekly and the monthly charts. As long as the price remains above the daily support level 2712.8, we expect a possible rally upwards. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and should break above  2857.6 and could extend even higher.  This view can only be invalidated in case the price breaks below 2712.8.

Trade Recommendations

We’re long with an ultimate target at 2857.0.

Gold weekly Review

Wave Analysis

During the previous week ending 8th June,  gold markets pulled back upwards, but is yet to pick a momentum to the upperside. We expect the rebound from 1292.29 to have marked the end of the corrective wave (iv), that the current rally to the upperside is the unfolding of both the impulsive waves (v) and (c) and should first break above 1339.00 before a rally towards 1399.56  is seen. This view can only be invalidated in case the price breaks below 1292.29, this being the case, we’ll expect further rally to the lowerside.

Trade Recommendations:

We’re long with an ultimate target at 1399.56.

Gas weekly Review

Wave Analysis

Instead of continuing upwards, Gas pulled back to the lower side  and is still very bearish on the weekly charts, we’re waiting for a clear breakout above the upper trendline to pick a low risk buy position with an ultimate target at 3.695. If you’re not long already, you could wait for this breakout then pick a long position with the first target at 3.315, the next target at 3.505 and lastly 3.695. If these lines are broken, then further movements towards 4.460 or even  higher expected. a sell positions are only recommended below 2.567.

Trade Recommendations:

Buy above the upper trendline

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