Monday, April 15, 2013

Market Timing Update (4/15/13)

[EOD] Stocks and Gold update -
A notable day with respect to Gold and Stocks.

Gold is likely wrapping up the proposed wave [4] correction since its 2011 wave [3] high (Chart 1).

Both SP500 and the Dow closed around trendline and channel support (Chart 2). The sell-off today allows us to track the bearish count of a/the top (Chart 2 blue) and the bullish counts of a wave [iv] or 4 pullback (Chart 2 green).

For the very near term, squiggle counts from the high suggest a rebound to 1560-1570 area if not more (Chart 3).

[8am] ES update - 
A zigzag down from the high at the moment.