The Dow moved higher into wave C up which generated the MTPredictor TS3 sell signal in the YM daily chart last week.  Targets for this trade which include the wave 5 down are in tonight’s Weekly Market Update video.

Oil has also generated a nice ABC pattern into an MTPredictor TS3 sell signal.  This one has a healthy 8 to 1 risk to reward ratio and is already in a risk free position.

There is a better than 50% chance that we will see a new all-time high in gold as this market heads for its MTPredictor wave 5 up target.  There is also some major Decision Point resistance in this area so we will be looking for a potential correction if we do go wave 5 up.  The correction would be back to the wave 4 Decision Point.  (See the video for a previous similar setup in gold).

The MTPredictor Elliott wave and Fibonacci trading software for stocks, commodities, futures and forex also gave us some nice intra-day trades on Thursday and Friday last week.  I’ve included some of that analysis as well as the Holiday shortened Labor Day trading.

We still have the FOMC meeting in September that could change things on a dime as well as the ongoing overseas issues that can hit the news wires at any time.  As always, make sure your initial risk is taken care of so that if you lose, you lose small and have the proper targets that give you at least a 2 to 1 risk to reward ratio (our recommendation).

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Tags: commodities, Dow, dow short, elliott wave software, fibonacci trading software, FOMC meeting, forex, futures, gold, mtpredictor, mtpredictor market update, oil, risk reward ratio, stocks, wave 5

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