S & P 500, Gold - 8/13/09

S & P 500

Has now entered the time band mentioned previously for a top but it has not yet reached the 1060-1120 price target. It still looks like it is in a wave 4. The fifth wave top is looking more likely to come toward the end of next week. However a move down from here may be followed by an upmove into a double top toward the end of next week and probably would indicate the 1060-1120 price target is not going to be reached until later this year.

Gold

Gold is still looking bullish and may top after stocks somewhere near the June high. The wave labeling for this move is still wave c of B of Y(or c of D). The gold time band for a top extends out to August 25th.