Update - 11/30/09

Stocks

Last week the Dow moved up into a double top on Monday and Wednesday that was lower than the previous weeks high. That was followed by a large move down on Friday that went below last weeks low in what looks like a C wave. That was the scenario given last week with the C wave down bottoming in early December. It now looks like the C wave has already bottomed. If so, the upside target will be at least 10621 on the Dow. The bullish longer term wave count shown in the last post still looks like the best count.

Gold/GLD

GLD topped last week in the 116-118 resistance zone, followed by a sharp selloff Friday. That low will probably hold with the next targets being 128 and 137.