As anticipated, the YM (Dow mini contract) rallied into earnings and options expiration into initial MTPredictor Decision Point resistance.  I expect the market will get a little more upside into the wave 4 Decision Point resistance area from 11,830-12,000.  This will be a critical “Decision Point” for the market.  If it can close above and take out the 12,000 area to the upside then the worst may be over.  If it can’t, then chances are we will test the lows or near the lows down the road.

Gold and silver are both in a wave b support area on the daily chart with the weekly silver buy signal still sitting at 34.10.  If it does not hit the buy trigger this week we will have to re-evaluate the signal as the pattern may have changed.

Oil is still short on the daily chart with a new TS1 sell signal that triggered during the last week.  The current stop is at 89.52 with a target at 76.09 for a 2.7 risk to reward ratio.

The US Dollar is coming  into its weekly wave 4 support area.  Once it settles out, we’ll see if it rallies once again into the MTPredictor wave 5 targets.

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

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Tags: Dow, elliott wave software, fibonacci trading software, gold, mtpredictor, mtpredictor trading software, oil, silver buy, US dollar, YM

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