Update - 1/10/10

Stocks

Not much change since the last update with stocks continuing a steady move up. The S&P 500 and Dow still appear to be in wave (3) of [3] from the March/2009 low as detailed in the November 22nd post. The current up move should last at least until the middle or end of this week before any correction.

The previous short term price target of 10644 to 10683 on the Dow has been reached. The next target is 10940. The target for wave (3) of [3] remains 11720 to 16602 by mid July.

In the very first post last March, the March 6th low was labeled as an ending wave [C] of a very large flat correction from the 2000 high. That was the primary count and it still looks like the multi-year or multi-decade bull market that was forecast is correct.

GLD/Gold

GLD has continued to move up since the last post. It still looks like it is in wave B of (4) from the April/2009 low. As with stocks, the current up move should last at least until the middle or end of this week before any correction. The next price target is 114 to 115.