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19d • Weekly Market Outlook 🔎
Market Weekly Outlook (29th June)
Recap of last week:
- US Oil continued its downtrend as expected and hit its next target of 68 (low of 68.56)
- US Markets continued to consolidate with the lows getting bought in and highs getting sold into
- Gold and Silver continued their bearish trend through most of the week. Showing some consolidation/strength towards Thursday and Friday
Factors for this week:
- US Oil still showing no signs that Wave 3 is in fact over. I see prices drifting towards 65 before a pullback wave 4 could begin. I'm expecting Wave 4 to begin sometime this week. We might start the week with oil prices moving up but this up move will get sold into to complete the 3rd wave.
- US markets (US30/100) are still consolidating and looking to build a strong base before launching into their next impulse. Even though the next few days might still be corrective in nature we are close to forming a bottom / base before markets begin the next leg of the rally. This rally may start towards the end of this week or push into the next.
- Gold and silver may start the week strong as the last few days showed some positive consolidation in both the commodities. However, according to the structure - both gold and silver are yet to complete their downside targets to expect bearishness to come in towards the end of the week / start of next week
- US dollar seems to also be building a good base around these levels. I can see USD pairs consolidating or pulling back towards the start of the week before getting into the next leg of their upswing.
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Market Weekly Outlook (29th June)
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