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Friday, August 14, 2009
Gold Update - 8/14/09
Gold is acting weaker then expected and may go down into an E wave low next week. The price target for an E wave low is in the 91-92 area. It is still looking bullish longer term and is also entering a seasonally strong time of the year. See below for current wave count labeling. The previous post looking for a D wave top near the June high price is still possible but is looking less likely.
Thursday, August 13, 2009
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.
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.
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