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Below is the updated wave count for GLD that shows wave 4 which may still be in progress. The price low for wave 4 has most likely been made but there may still be more work to do timewise. Gold has held up very well compared to stocks during this correction. In anticipation of that possibility, I moved most of my GDX gold stock position to UGL(2x gold etf) in mid October.
Stocks
The updated S&P 500 wave count is below. The wave count for stocks is not as clear as for gold. It appears the best count puts wave five up from the March low to be at the October high or alternatively at the September high.
Fridays unexpected big down move took out Thursdays low with a price low of 1033.53, 3 1/2 points above the next support at 1030. If 1030 does not hold, the next support is near 1020, and then 990-1000(the strongest area of support). The next swing cycle zone is 11/2 - 11/4, so it appears the market may be making a low into that period as originally concluded on 10/28. The most likely time for the endpoint of an up move off that low still looks like the end of this week.
Overall, it looks like the most likely time and price for the low of this correction is 990-1000 in mid November.
