Gold Outlook

Gold looks bearish - see chart.

Daily chart gold cfd's, Click to enlarge.

Dow Update

In the last update it was stated that the Dow Jones Industrial Average could have one more wave up. That came to pass as the Dow made a top on April 5th and we are now at an important juncture this coming week. 

The anticipated correction either started on 4/5 or it may start sometime around Easter weekend. If the correction started on 4/5, the iw B correction may form a flat. If it starts later, iw B may be a zigzag.

In any case, the wave counts indicate at least one more rally phase after the next correction(waves iw B & iw C of a zigzag) and the cycles I look at are bullish for most of May so any major top may not occur until after that. Correction (due to a program bug I discovered) : cycles in May are neutral.

Dow Jones Industrial Average (via DIA etf). Click to enlarge.