SPX500 weekly Review
Wave Analysis
During the past week, SPX500 gained value significantly and is still pretty much bullish both on the daily on the weekly charts, following the plunge which was seen earlier this year, we expect further momentum to the upperside and should break above the January's highest high towards 3600.00 towards 4000.00 or even higher. But on the flip side, in case the price breaks and closes below the Alligator trend indicator, then we may be expecting a possible momentum to the lowerside towards 2307.0.
Trade Recommendations:
Remain long towards 3570.0.
Brent Oil weekly Review
Wave Analysis
Brent oil is currently trading with a contracting wedge formation. On this chart, in case the price breaks and closes above the upper trend line, then this will be a good place consider a possible long term buy position, and on the flip side, should the price break and close below the supportive trend line, then this will,be a good sign that we are continuing short withe the impulsive wave (c) and could break below 38.480 towards 34.630. As it is now, I recommend remaining bullish.
Trade Recommendations:
Wait
Silver Weekly Review
Wave Analysis
Silver continues to rally to the upper side and is still pretty much bullish both on the daily and on the weekly charts. As long as the price is held above the Alligator indicator attached, we expect nothing but a possible momentum to the upperside, the idea is to wait for pullbacks to pick low risk buy positions, and should the price break and close below the Alligator indicator, then this may be a good place to consider a possible long term sell positions with an ultimate target around 17.415.
Trade Recommendations:
Remain long towards 20.00.
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