Nov 11
13

Still Waiting

2 Comments

The YM and ES have yet to hit the numbers I spoke about last week.  They have edged closer but as of Friday’s close last week, they have fallen short.  We will see if they make a run for them this week.  If so, then I think the run into the end of the year would call for the YM into the 12,600 area.

If these markets fail to hit the “catalyst” numbers I provide in this weeks update then we should see sideways to lower price action.

Gold has been working it’s way higher toward its weekly MTPredictor wave 5 target.  There is an intermediate wave 2 or b resistance in the way.  If this resistance holds, we should see the MTPredictor minimum wave c target which will be down around the weekly 50 period moving average.

If gold does pull back, the USD should be able to rise into its MTPredictor wave 5 target before it sees another correction.

Oil took out the MTPredictor Decision Point resistance area to move within striking distance of the minimum wave c resistance right at the $100 level.  The next major MTPredictor DP resistance will come in around $104.

Check out the details in this weeks MTPredictor Weekly Market Update:

 

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Posted in Blog by admin 2 Comments

2 Responses to "Still Waiting"

  • Christian Dion says:
    November 14, 2011 at 4:00 pm

    Dear Mr. Matteson,

    I have watched your weekly review with great interest as a new subscriber and a nearterm customer. A few questions came to my mind that I would like to review with you if possible.
    1. In the Oil market when you have shown that we were close to the wave C minimum but had not reached the minimum, if Oil was to retreat at the currrent levels, must we anticipate that Oil will be back later to these levels to reach the minimum target or it is possible that the minimum wave C is never reached?
    2. In both Gold and the US$, wave 4 has penetrated the territory of wave 1 but that doesn’t seem to influence the way you label the waves. Don’t you take this rule into consideration?
    Regards,

    Christian Dion

  • admin says:
    November 14, 2011 at 5:02 pm

    Christian,
    Thanks for your comments and questions. It is allowable for the market to retreat before reaching the wave c target as in the case of the oil chart this week. There comes a point, however, if it goes too far in the other direction that we would have re-evaluate and say that our analysis was incorrect. This is why we use strict risk control because our analysis will not always be correct.
    It is fine to say in theory that wave 4 should not penetrate into wave 1 however, we are dealing with reality and real markets (especially in commodities). Small retracements into wave 1 often happen so in this sense it is valid but imperfect.
    Hope this helps,

    JM

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