S & P 500, Gold Heading for Mid August Top

S & P 500

The S & P 500 appears to have completed a higher level wave 4 this morning and may now be in the final fifth wave of this upmove. The 50% retracement level of the Oct/07 to Mar/09 downmove is about 1090 plus or minus 30 points. That looks like the most likely price target for a mid August top.

The mid August time cycle high could be at least a multi-week high or maybe even the high for the year. The cycle will probably peak near August 14th or sometime the following week.

Gold

The Gold wave count is still either D or b of Y. Either count would probably top in the same timeframe as stocks given above.