Update - 12/6/09

Gold/GLD

GLD had a large correction on Friday but was only down a little over one point for the week and closed above the low of the previous week. The wave count is not yet complete to the upside. This correction could continue a couple more weeks but the price low may have already been made.

Stocks

Last week was on upweek with some volatility the last two days. The Dow has been moving sideways to higher since mid November. It is not yet clear whether the correction ended with the 11/27 low but the eventual breakout will be to the upside. The 11/27 low will probably be the price low of the correction if it is not yet complete. The longer term price target of 11720 to 16602 on the Dow is still intact. The 10621 target given last week was the short term target price off the 11/27 low.


Note: I have added my Twitter feed to the blog. I plan to do shorter term updates via Twitter.