MMM Weekend Update 2-24-13

Gold - Still in a very tedious 'jeopardy zone' where the probabilities of further upside is in danger with increasing likelihood of increasing bearishness while price remains below 1652.00. Gold is currently back testing a confluence of multiple support lines, a successful test should created a rally soon back above 1652.00. A failure however, opens a trap door toward the previously mentioned support zone of 1310 to 1430.



-----------------------------------------------------------------------------------------------------------------------------

Silver - Also in 'Jeopardy' while below 30.75.





-----------------------------------------------------------------------------------------------------------------------------

EUR/USD - A bearish monthly candle could be printed with a monthly close this Thursday below 1.3198.







-----------------------------------------------------------------------------------------------------------------------------

GBP/USD - A triangle count with break-down last week, hitting lower green channel support.



-----------------------------------------------------------------------------------------------------------------------------

S&P500 - Time and pattern came together last week to threaten another top. Last week closed as the first negative week of 2013, and also an Outside Key Reversal on the weekly chart. Continued selling at a minimum could come down to fill the 'New Year' Gap. Falling below 1400, would suggest a significant top could be logged in.



-----------------------------------------------------------------------------------------------------------------------------

All the best to you!

If you are interested in my daily email updates with trade ideas based on the QG3, Candlesticks and Elliot Wave Theory, sign up for my Market Signal Service here:
http://majormarketmovements.blogspot.com/p/mmm-market-signal.html