MMM Weekend Update 1-20-13

Gold - Has been produced a rather choppy upside move last week, ending Friday with a small bearish hammer, leaving the current uptrend mired in uncertainty. Could it be a stealthy bullish run? or part of a bear flag? Here are the key levels to consider:



Weekly:



Strong weekly time fibo hit last week for a possible bottom:



I have been sending out free QG3 signals for Gold and Silver last week to those that have emailed me with interest. Also in the comment section of my blog posts and at my thread Major Market Movements at Kitcomm.com. My video is in the final editing stages, though taking much longer to complete than anticipated.

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Silver - Ended the week much better than Gold:



Weekly:



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Platinum - Could produce a strong break-out soon to the upside that could challenge 2100+, but MUST stay above 1511.25 in the MT:



Zoomed in:



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Crude - The completion of wave (D) or something greater could be realized soon.

Previous chart from early December:



update:



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USD - Currently boxed in between key support and resistance, a break of 79ish could invite a fall to 74ish:



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Soybeans - Produced a Bullish Harami candlestick pattern on the weekly. Follow through should keep above 1377 and challenge 1500 in the ST.



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Good Hunting this week!

QG

MMM Weekend Update 1-13-13

Gold - Has built a rare, but powerful 'Diamond' pattern. If the extremes of the pattern are exceeded the result is usually an impulsive move.



The QG3 is in a neutral alignment, flat, not bullish or bearish:



There are some fibo turn date windows just ahead.
- daily windows: From the open on Jan 14 to the close on Jan 18th. And the Feb 3rd open to the Feb. 6th close.
-Weekly window: Starting Sunday Jan. 13th till close on the 18th. So much greater potential for a turn next week than the single daily turn I posted back around December 18th which only spear headed a multi-day bounce. The weekly trend is certainly down into the window, so it's most likely a bottom.

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Silver - Price remains below a key mid channel line that is posing resistance at the moment:



The QG3 is also neutral for silver:



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EUR/USD - Moved as anticipated, after a successful back-test, the bounce back up to take out 1.3300 was swift, further upside to the target of 1.3580ish is expected. Key MT support is now at 1.3000.

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USD/JPY - This impuslive run has exceeded expectations! WOW! It's possible to reconfigure the impulsive count, as several waves could be 'nested' providing for further upside:



zoomed out:



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Coffee - I've been hunting for a major low in coffee for the past few months. Here is the primary reason why:

(click image for full view)


The ST gives a promising potential for a bottom, perhaps a major one:



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Corn - I posted this chart on December 23rd, which had a support zone of 663 to 675 with an EW target of 682.



We saw a bullish bounce this week off that support zone:

Weekly chart


Daily chart


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Wheat - Also showing signs of a potential reversal and bottom:



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Soybeans - Posted a bullish dragon-fly doji on the daily chart, perhaps in sympathy with Corn's move last week. A reversal in the downtrend could be realized with a weekly close this week above 1415.62

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My video about the QG3 (3/10/20 ribbon) is essentially complete, but requires some editing. It's very possible to be complete this week. The process of producing video is all very new to me, please pardon the delay as I hike up the learning curve.

Good Hunting :)

and GO SEAHAWKS!

QG

MMM Weekend Update 1-6-13

Gold - Wow what a wild ride this week! I didn't expect a new low into secondary (and final). The FED meeting was able to jawbone down PoG. 'Scary words' caused some traders to flee. However, the end of the week rally has some promise of a potential recovery.



Other Hammer examples that provided support:







To confirm a bottom and reversal, gold needs to close this week at or above 1695.
What was ounce a straight forward EW count in gold, has turned into a mess, no comment for now.

Gold-JPY (yen) is also hinting at a break-out higher:



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Silver - Completed it's 5th wave down as expected, presenting a 'text-book' 5-3-5 corrective zig-zag pattern:



Silver must now stay above the lower channel line on a daily closing basis or risk collapse:



Silver also produced a bullish daily hammer setting a potential bottom at 29.23



The Weekly close in Silver presents possible bottoming action, but needs confirmation with a close this week above 32.31:



Other examples of doji tops and bottoms:



I made an intra-day call at www.Kitcomm.com early morning on 1-4-13 that played out very nicely:



More upside is likely in the ST:



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EUR/USD - Back test came as expected. If successful, price should rally back up above 1.3300 fairly soon, possibly this week. However, breaking keys support (orange trendline, currently below at 1.2961) could cause a collapse:



The recent top and back-test was fairly easy to identify:



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Grains - Soybeans could have some serious downside, if price remains below 1433 much longer. The QG3 ribbon is still fully open to the downside, best to keep short at this time.



Corn hit support target range this week, but must rally back up above 684 or risk further downside.

Wheat still bearish while below 787.

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I'll be 'filming' my video next week. All my extensive back-testing of the QG3 (3/10/20 ribbon) is complete and looks very promising.

When my signal service and video are ready I will email those who have shown interest ASAP.

Happy hunting!

MMM Weekend Update 11-18-12

Gold - Last week posted an inside week for gold, appearing as a choppy corrective move to the downside.



PoG was likely working on the back test of the previous break-out:


This has occurred in the past with bullish results:


The 3/10/20 ribbon is currently in a 'neutral' position with the 3EMA moving back below the 10EMA:



The Short Term (ST) Elliot Wave (EW) picture still shows Bullish potential as price moves down in a choppy manner after a 5 wave impulse reversal:


Critical support is still 1672 to 1682. Moves below this level invites a test of a support zone between 1650 to 1666.

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Silver - Has moved into a full bullish alignment of the 3/10/20 ribbon:


30.66 to 31.06 is critical support. I suspect that once 33.00 is breached, a pop up to 35+ is likely in the ST. All part of a MT move up to 45ish.

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USD - Felt the effects of resistance near 81.20ish:


Zooming out, we see the USD tangling with previous support that has now formed resistance:


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USD/JPY - The chart picture last week had some conflicting, bullish/bearish indicators. However the bull side come out on top:



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Dow - 3rd wave down reached 'point of recognition':


The lower green trend-line is very probable target to finish the right neckline, below at 12,124ish:


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Palladium - Has bullish potential above 600, could challenge 700+ fairly soon. In the ST, Pall becomes bearish below 600.

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Wheat - Broke down through the triangle formation which is bullish and bearish. Bullish because the next wave higher is less likely to be 'terminal'. Bearish because price will have to seek out a lower level of support, $8.00 sticks out as very probable.

Corn - may have one more small leg lower to 670 to 700 finish this multi-month correction. Any move in the ST back above 755 confirms the end of this current correction.

Soybeans - Is done or nearly done with it's multi-month correction. A quick move higher back above 1430 should lock in a MT bottom with upside target of 1800+. Any further selling on strong volumes below 1310ish kills great sums of bullish potential.

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That's all for now.

For free email updates, sign up in the right side column with the 'Follow by email' widget.


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Grains - Update 10/9/11

Corn - Here is the previous chart from July suggesting a handle was forming on a cup, but I didn't know what type of correction was forming or how deep, just that further weakness was likely:

(click on charts for full view)

Here is the Update:

The end of wave C red of 4 black may be finished soon near the 50% to 61.8% retrace level just above the multi-year S/R zone. If however, Corn continues to slide below the S/R zone, then this CnH pattern is likely dead.

The seasonals suggest that a low is close and a bit over due:

Soybeans - The recent thrust higher failed at the mid-fork of the previous up channel (green), failures at the mid-fork often suggests that the channel is likely to be broken, and it did:

A S/R zone is present between 1050 and 1100, as well as a multi-year uptrend line (black). This should lend plenty of support for at least a bounce up to back test the previous channel at a minimum. If however the black trend-line breaks (blue projection) then capitulation has likely set in and a larger C wave down to the 600s is possible.

The seasonals, like corn, suggest that a bounce is possible soon, if a bit over due:

Wheat - I think the conclusion of a wave 2 black correction could be seen soon. The pattern looks like a possible 3-3-5 expanded flat. It should conclude soon above the lower-green channel line, 61.8% fibo retrace level and the support/resistance area (orange):

If this level provides support, then a bounce back up to the mid-700s to 800 seems probable, possibly the right neck of a bullish iHnS. The COT levels are entering an oversold area. If however, the price of wheat falls below the lower-green channel line (blue projection), then the 400 level is likely to be tested along with further downside if the previous green channel becomes resistance instead of support.

The seasonal chart suggests a minor up swing is possible soon into November, but further weakness expected into the end of the year:

Also note the pale blue areas of each chart. The bracket shows where the worst of the 2008 Stock Market (SM) dump occurred. Notice how the grains barely moved in comparison. The pale blue circle was near the end of the SM decline in March 2009, yet the grains put in higher-lows.


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