I hope you missed me much )) I am so happy to be back. I believe you did well even without me and booked excellent profits following my previous forecasts. We went long in gold when everyone was expecting it to break down. So far gained good returns. What’s next? – Well, I believe we are done with longs, or at least we are close to it. I see two possible scenarios at the moment:
- Sell on the break of Thursday’s or Friday’s low
- The market will retest recent highs, and we sell after rejection on higher levels.
To keep it short, I will hunt sell signals since cycles suggest move down.
Wheat was another significant market for us, and our longs did very well. Although we closed the last added position with a loss, we booked good average profits here on managed accounts. But its time for the decline in this market. The plan is almost the same – short if Thursday’s or Friday’s low breaks. This market offers a good risk/reward ratio. So, please pay attention to it.
Oh my gosh, SP500… What to expect next? – That is a good question, lol. The price has broken to the new highs, but accumulation didn’t. So, it seems we are going to follow cycles and see a move down. However, I don’t see it as a sharp move, but more like choppy move with lots of ups and downs. So, sell the strength and buy weakness is a strategy. The main direction for the coming few months will be downwards, but I expect opportunities to trade and profit from both sides.
Wishing you a great week!
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