Weekly Market Outlook (8th June)
Recap of Previous Week: - US Oil started the week positively and mid week turned to head back down as expected - US30 / US100 followed the oil charts too with a slight pullback coming in initially in the week followed by a good few positive days. All markets however, experienced a a huge sell off on Friday altering a few charts slightly but mainly telling us that the market was completing a sideways corrective with the impulsive move yet to begin. - Gold started the week really well with expected positive momentum. Charts were looking fine till the Friday sell off which ended up breaking previous lows. The invalidation point of the setup is still a bit away so at the moment it seems Gold is yet to complete its X wave before beginning its uptrend Factors for this week: - US Oil again ended the week down but it seems to have turned from a 50% retracement level. This could well be the B wave of Wave 2. We will have to wait and see how price reacts. I am expecting the possibility of Oil to again head upwards into the area of 98 (61.8%) before actually continuing its downtrend. - US30/US100 will use this week to find their bottom after the Friday sell off and hence preparing for the next up move impulse - Gold this week should ideally work towards forming its base / bottom of X wave as well. Close eye on the price to see if it protects the previous corrective low of 4099. If this low breaks, structure changes again - USD is now trying to find its base and strengthen as well with this week being an important week to observe breakouts across the USD charts.