Update - 1/31/10

Stocks

The Dow made a slightly lower low on Friday at 10044 and closed at 10062, both within the price range for a low given last week. All major indexes closed at Fibonacci and/or trendline support and sentiment has gotten very bearish. Would not be surprised to see a strong rally early in the week followed by a possible retest of the low later in the week. If Dow 10021 does not hold next support is around 9800. If 9800 does not hold, may have to look at new wave count possibilities.

Gold

GLD went below the December low on Thursday which may negate the triangle formation. It may also indicate this is another wave two instead of wave four but it's to early to tell. There is a gold cycle turning up this weekend and price closed just above fib support that was touched on Thursday. The wave count also looks complete. The low should be in
but if not, the next support is 102-103.