Oil weekly Review:
Wave Analysis:
Wave Analysis:
For almost three weeks now, the Standard & Poor's 500 rose almost 747 pips but dropped during the previous week ending 12th May 2017. We expect this drop to be a mere correction and should not go beyond 2362.80 from where we'll be looking to continue long with the impulsive wave (5) towards 2300. This view can only be rendered futile in case this future's price descend below 2326.35, if this is the case, then acceleration to the lower side is expected. This Future should be traded alongside other currency pairs such as USDJPY. These two have a close positive correlation and may move in the same direction during this intraday.
Wave Analysis:
During the previous trading week ending ending 12th May 2017, Gold markets gaped lower but ended up closing above it's opening price. We expect further correction to the lower side but should not go beyond 1191.2 from where we'll be looking to buy the impulsive wave (c) towards 1386.95. This view is only valid as long as the commodity remains above the support level 1191.2, any clear breakout below this support will push the price further to the lowerside towards 1104.76. This commodity should be traded alongside Silver these two commodities have a strong positive correlation of up +80% and will move in the same direction during this intraday.
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