The Dow and S&P did consolidate in the MTPredictor intermediate wave 4 support area as expected last week.  These markets ended the week on a bearish note but did not take out the current wave 4 low.  I expect the these markets to move out of this support area either up into that wave 5 13,000 area on a break up or to the 12,300 DP support area on a break down.

Silver got spanked last week after a prior run to near all-time highs.  It traded below its major wave 4 support and just above its 200 day moving average of $29.  This may not have been a bad area to accumulate more but an even better opportunity may come if gold trades below its 50 day moving average but above its 200 day moving average.

Check out this weeks market analysis featuring the MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex.

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Tags: buy gold, buy silver, commodities, Dow, elliott wave software, fibonacci trading software, forex, futures, gold, market analysis, mtpredictor, S&P, silver, stocks, trading software, wave 4

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