Weekly analytics- Elliott waves analysis – Still selling Gold

Gold Weekly Review

Still selling Gold

Wave Analysis:
For sometimes now, the impulsive wave (c), of the corrective three wave cycle has been in a constant downtrend is still pretty much bearish both on the daily and the weekly charts. As long as the price remains below 1355.43, we expect a possible extension of the impulsive wave (c) to the lowerside and should break below 1060.13 but should not go below 645.40. This view can only be invalidated in case the price breaks above 1355.43, if this is the case, then further movements to the upperside is expected.
Trade Recommendations:

 

We’re short.
HSI Weekly review
Still selling Gold
 
Wave Analysis:
Instead of a rapid move to the upper side, HSI is still rallying around a weekly support level 29935. We’re waiting for a clear sign that the corrective wave (4) is ended so that we buy the last impulsive wave (5)   with an ultimate target at 33294. This view can only be invalidated in case the price breaks below 29935, if this is the case, then we expect the corrective wave (4) to extend further to the lower side but should not breakout below 28334.
Trade Recommendation:
We’re waiting for a clear buy signal.
German Stock’s Index Weekly Review
Still selling Gold
Wave Analysis
After slight correction of the previous five wave cycle, this index is still above 12205.2. As long as the price remains above this level, we’re waiting for a possible break below this support to confirm a possible extension of the corrective three wave cycle but should not go beyond. This index is positively correlated to other indices such as Hong Kong Stock Index and Australian Index.  If you see a correlating signal in this index, check for a similar signal on the other two. HSI and German Stock’s Index have a very high positive correlation and will likely head on the same direction in the long run
Trade Recommendations:
Wait

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