Last week, the Dow found support right at the MTPredictor Decision Point support area just as gold came into its minimum wave 5 and Decision Point resistance. The YM is heading back into its daily 200 period moving average resistance. This is an area that this market has been unable to close above over the last few weeks. If it can get a close above the 200 day resistance then it may look for the 50 day moving average. If it fails to base the 200 day then they may look to take out the current lows.
Gold, as I said, has come into an area of wave 5 and DP resistance. If the Dow is able to get above its 200 day and base that area then we may get a further pullback in gold. If the YM fails to take out that 200 day moving average to the upside then we may get another push higher in gold.
For the details, see what the MTPredictor Elliott wave and Fibonacci analysis trading software is showing in tonight’s Weekly Market Update.
JM
Recent Comments