Gold Weekly Review
Wave Analysis
Few weeks ago, XAUUSD established a resistance level around 2883.05. As long as the price remains below this zone, we are looking for more momentum to the lowerside. The anticipated bearish price rally is the continuation of a corrective wave count and could see price break below 38.2% fib level and may go even lower towards 50.0% fib level. On the flip side, should the price continue to the upperside, then we will be looking for a possible rally to the upperside with an ultimate target set around 2883.05.
Trade Recommendations:
Expect further correction to the lowerside towards 50.0% fib level.
#DJI30 weekly Review
Wave Analysis
For sometimes now, Dow has been gaining significantly. Currently the price is within a contracting wedge formation. As long as the price remains within this shape formation, we are waiting for a possible breakout above the upper trendline push price much higher. The anticipated bullish price rally is the continuation of both the impulsive waves (v) and (5) and could push price much higher with an ultimate target set around 30371. On the flip side, should the price break below the lower trendline, then a momentum much lower is expected.
Trade Recommendations:
Buy a breakout above the upper trendline.
#IBEX35 Weekly Review
Wave Analysis
IBEX35 is currently in an active up trend. As long as the price remains above the Alligator indicator lines, we are looking for more buy positions. The anticipated bullish price rally is the continuation of the impulsive wave (v) to the upperside and should break above 8334.5. If the price ascends above this level, then a momentum towards 9000.00 or even higher. A break and close below the blue line will mean we are looking for more momentum to the lowerside with an ultimate target at 7694.5.
Trade Recommendations:
Look for long term buy positions towards 8500.00 or even higher.
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