XAGUSD is currently bearish. The market is in a corrective phase, and the market is moving in for a corrective 3-wave pattern. The market formed a descending channel which is a bullish pattern from 22.126 to 21.151. I expect the market to break above the upper trendline of this channel and buy (short term) up to 22.126 at this level I expect the market to form a double top and then drop, probably up to 19.098. You can place a buy order now with your target at 22,126. Ensure you use proper risk management.
Trade Recommendations:
We’re short
Gold Weekly Review
XAUUSD has been on an uptrend since the begging of this month. Currently, the trend seems to be changing, and the market has been bearish. As we can see on the chart above, This pair is in a corrective phase, the market is moving in the form of a corrective 3-wave pattern. From minor corrective wave b,(1889.98) to 1818.59 the market formed a descending channel which is a reversal pattern. I expect this pair to buy up to minor corrective wave b,(1889.98), form a double top then drop, probably up to minor corrective wave c (1786.75).
Trade Recommendations:
We’re short
SPX500 Weekly Review
SPX500 has been on a downtrend since last week, the market formed a descending wedge which is expanding in nature, from the beginning of major wave (I),4810.6, to major wave (V),3560.6. This is a reversal pattern. The market is likely to buy for the next few weeks but before that we expect the market to drop,(short term). The market has already broken above the upper trendline of this channel. Again the market is in a corrective phase, as we can see in the chart above, the market formed a double top at minor corrective wave c,(4171.9). I expect this pair to drop from (4171.9), up to 3914.7.
Trade Recommendations:
We’re short
