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January 7, 2019

Weekly analytics- Elliott waves analysis - Waiting to resell Brent Oil

Gold weekly Review

Wave Analysis

Despite the previous forecast that this Metal could  plunge towards 1233.20, Gold markets continues to gain value and is still above the Envelopes Trend Indicator. As long as the price remains above this indicator, we expect nothing but a possible momentum to the upper side. The anticipated bullish price rally is the continuation of both the impulsive waves v and (c) and should head towards 1310.20 or even higher. If you're looking at this chart at the moment, then you may look for a possible buy order above Friday's highest high towards  the trend line above.

Trade Recommendations:

We're long.

Brent Oil Weekly Review

Wave Analysis

Few weeks ago, Brent oil broke below the supportive zone 57.37-58.98 and is still pretty much below this zone. As long as the price remains below this zone and most importantly below the Envelopes Trend indicator, we expect nothing but a possible momentum to the lowerside. We expect the current correction to the upperside to be a mere corrective rally and should not go above 58.98 where we'll be looking for a long term short position towards 50.72. Should price break above 58.98, then we'll wait for a confirmation that the price will continue upwards.

Trade Recommendations:

We're looking for  a sell from 58.99 towards 50.72.

SPX500 weekly Review

Wave Analysis

After breaking below the level 2595.0, SPX500 continued to the lowerside and is still pretty much bearish both on the daily and the weekly charts. As long as the price remains below the level 2595.00, we expect nothing but a possible momentum to the lowerside . Ideally, we're waiting for a possible correction towards 2595.0 to resell the impulsive wave (c) to the lowerside with  the next ideal target being 2379.00. You could place a pending sell limit order at 2595.0 with an ideal take profit at 2379.0.

Trade Recommendations:

Resell SPX500 from 2595.0

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