Last week we saw the overall stock market pull back into the top of an MTPredictor wave 4 support area. The week also ended with buyers overcoming sellers in this area. This could be the start of an up move into an MTPredictor wave 5 topping pattern. If the wave 4 support gives way to the downside, which is a possibility given the Hindenburg Omen in play, Fed speak and overall economic data, then I have projected the downside targets as well.
Gold and silver have hit their MTPredictor weekly wave 3 targets and also ended the week with buyers overcoming sellers. This could mean at least a temporary bottom is in as these markets correct back up to their wave 4 Decision Point resistance areas. If, on the other hand, silver closes below its weekly wave 4 DP support and that low subsequently is taken out, then we may see that $10-$11 silver sooner than later.
Check out the rest of the analysis in tonight’s MTPredictor Weekly Market Update for stocks, commodities, futures and forex.