Silver Weekly Review
XAGUSD is currently dropping. The market is in a corrective wave (corrective 3-wave pattern). The market is currently at a minor corrective wave (a)20.502. And again the market has formed a descending channel, which is expanding in nature (more clear in a lower time frame) from (22.126) to a minor corrective wave (a)20.502, this is a bullish pattern. I expect the market to buy at least up to the beginning of this descending channel which is (22.126). You can open buy trades with your profit target at 22.126.
Trade Recommendations:
Buy silver for now
Buy Gold for now.
Wave Analysis:
XAUUSD has been on a downtrend since last week, currently, the market is in a corrective phase,(ABC corrective pattern). Between major wave 5 (1956.94) to the end of minor corrective wave a, the market formed a descending channel,(a bullish pattern). As we can see on the chart above the market formed a double bottom at a major zone which is (1807.17) and its currently bullish, I expect the market to buy up to the beginning of this descending channel (1889.98) and then drop at least up to (1758.26).
Trade Recommndations:
We’re buyers
SPX500 Weekly Review
Wave Analysis:
SP500 is in a corrective phase, the market is currently bullish, the market formed a descending wedge that is expanding in nature, from the beginning of major wave (I),4810.6, to the end of major wave (V),3560.6. This is a reversal pattern. Meaning the market is likely to buy(long term). The market formed a double bottom at 3914.7 and then reversed to the upside. I expect this pair to buy probably up to 4148.7 from a double top then drop. You can open buy trades with your profit target at 4148.7.
Trade Recommendations:
We’re buyers for now
