Weekly analysis- Elliott waves for Forex correlation analysis – Gold still rising

Gold weekly ReviewWave AnalysisAs previously forecasted, the impulsive wave (c) traded massively to the upper side  but is yet to reach our target at 1396.94. This is a pivotal retracement level on the weekly chart and will likely restrict any movements to the upper side, thus, as long as this level protects any invasion to the upper side, we expect a possible bullish momentum to the upper side towards this retracement level. A break above this level will mean we’re waiting for retracements back the just broken  level to rebuy the green bar. This commodity should be traded alongside Silver, these pairs will have a similar price action during this intraday.
Trade Recommendations: Expect a possible bullish momentum towards 1396.94Oil weekly ReviewWave Analysis:For almost a fortnight, the crude oil has been rising steadily and will likely continue further to the upper side but should not go beyond the resistance level 56.87. This level has a acted as a key reversal  for almost a two months and will likely act as a key level now that the price is approaching it. Although this upward rally is highly anticipated, we choose to remain flat momentarily and only go long upon  a clear bearish retracement  towards 53.71 to give us low risk buy opportunity. Trade crude oil alongside Canadian. The value of most canadian pairs are affected by the price oil.Trade RecommendationIf you are not short already, wait for minor bearish pullbacks to go long with an ideal target at 56.87.SPX500 weekly ReviewWave Analysis:Despite the bearish engulfing candle seen on 5th April 2017, SPX500 retraced to the upper side and is currently rallying around the same place where this engulfing opened, 2361.75. Now is the best time to short SPX500 at low risk; this view is supported by the fact that this level acted as a key retracement level on 8th March 2017 when the price was going up and will likely act as a key retracement level now that the price is below it. As long as the price remains below this level we expect an acceleration to the lower side. This view can only be invalidated in case the pair end up above 2369.65, if this is the case, then we’ll wait for a clear break above 2378.40 to confirm the continuation of the upward rally. Trade Recommendations: Go short with an ideal target at 2276.  Save
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