Yesterday the Nasdaq (and the ES) Reached the MTPredictor DP support zone that I projected 3 weeks ago. So now we are at a critical junction. Will we get a rally form here (and if so will the rally only be a minor correction), or will the support fail and the down trend continue. The next few days are going to be very Important for the US Markets !
The Dollar index is at a MTPredictor Typical Wave 5 high, so does this mean we are set for a fall in the Dollar from here ?
As you can see from the Chart the Euro is at both MTPredictor weekly DP support and at a Daily Wave 5 low, so will a rally unfold from here ?
We had a MTPredictor DP buy set-up yesterday, so will the Pound Rally from here ? This is against a red STF, so is a riskier trade than normal, so protective stop should be advanced quicker than normal.
This is an update to my previous Bitcoin post "Bitcoin $370?". Bitcoin has now hit the 369.51 target.
Is the Dow Jones at a High as well.? As you can see, the Dow has started to retrace from the MTPredictor DP resistance level, which suggests a decline is now coming. The only question is how far. I have added two possible DP support zones on the chart.
Is the Nsadaq at a Wave (5) High ? As you can see from the Chart, MTPredictor has found that the Nasdqq is at the minimum Wave (5) WPT. And as such a decline into (at least) the MTPredictor DP from the previous Wave (4) should now be anticipated..............................
GDXJ is coming off an important low on the weekly chart. MTPredictor found this abc correction and generated a long TS3 Trade setup. The initial resistance/target can be the DP off of the b swing at 44 with the final target at 46.59. Obviously, today's FED meeting can be a game changer so be aware. I decided to sell puts here instead of take the trade...
The AUDJPY has rallied off the DP buy signal and has reached its upside DP target. This is also a major resistance area where the tendency is for a market to begin a correction. I may miss this if it sets up today (Friday) as I don't like to trade forex on Friday's and hold over the weekend but I will re-visit it on Monday. The 96.80 area is the next major...
The MTPredictor daily short calls for a $369.51 target. Expect a rally first back to $540-570 area.
As anticipated, the GBP is finding support at the MTPredictor Daily DP Support Zone
MTPredictor DP sell had you short, just before the Sharp fall. This "fits in" with the larger degree Daily picture, I posted a few mins ago. So a lovely example of a MTPredictor setup and trade on the GBP !
The GBPUSD is now approaching the MTPredictor Daily DP Support Zone.
Hi Everybody, The Monthly GBPUSD chart looks to have reached a Major MTPredictor DP resistance zone, so I wonder if the high is in now for the GBPUSD
Hi Everybody, I have been away on Holiday, but while I was away we had a lovely MTPredictor TS3 buy setup on the USDCHF. As you can see from the Chart, this also has recently reached its first projected Profit target where a Profit of +7.8R was available
Final Update - The AUDJPY short from 95.80 has hit its final target at 94.16 for 4.5 times the initial risk. More info at www.mtpredictor.us The MTPredictor Elliott wave and Fibonacci trading software is now available in TradingView!
The first target of 94.80 has been hit for about 2.5R profit. If you continue to hold all or part of the position, stops can be at break even or trailing with the ATR trailing stop. We are in a minor support here so have to expect a bounce here back to 95.20-40 area. For more info on MTPredictor check out www.mtpredictor.us The MTPredictor indicators are now...
The AUDJPY reached a major Decision Point resistance level where a TS3 sell signal was given (abc pattern). Stops can be moved to break even if price reaches the 100% risk level. This is a nice low risk / high reward setup. Update 8/1. The 100% initial risk line has been exceeded so stops can be moved to break even if you prefer. The next support level sits...