Crude Oil

Crude oil may have completed a zigzag as of Tuesdays high. Support is at 33.75, 32 and 30.25 on the USO etf shown below. A move back above Tuesdays high within the next few days would negate that count with a possible next target near 41 or 44.

Copper wave 5

The copper etf JJC has completed wave 4 and is now in wave 5. Initial target is 34. Above 36 is more likely where the top will be.

S&P 500 wave 4 complete, VPRT

S&P 500

It's looking like the wave 4 count is the correct count from the early may high. That would make the May top a wave 3 (or possibly wave A). Wave 4 probably ended late last week. If not it could finish by the middle or end of next week. The target for wave 5 would be 980-1000 unless it extends. An extended fifth wave could go much higher. This is possible since waves 1 and 3 are about the same length.



VistaPrint

VistaPrint Limited, symbol VPRT looks like it is about to end a wave 4 with a fifth wave target in the mid-upper 40's.

Gold Update

Below is a six month chart of the GLD gold etf. It could be making a B wave top here followed by a C wave down. If not, the B wave may crest either near 96 or the February top of 98.99. However I am longer term bullish and believe the C wave will probably hold above the 200 ma currently at 84 1/2.

S&P 500 Alternate Count

I am looking at a possible alternative count for the S&P 500. This would put the wave 1 or wave A high at the May 8th top. It would probably be weeks or maybe months before any final high is made as the wave structures complete.

It's also possible an A wave is in progress from the May 8th top This would be part of a wave 4 correction(wave 3 top instead of wave 5). If so, wave A may complete by early next week.

Update

S&P 500

Todays action indicates that wave 2 (or wave B) ended with the April 21st low. So we are probably now in wave 3 (or C). As stated previously, I think the strength will continue for several more weeks(as waves 3 thru 5 or wave C complete).

Gold

My blog entry on April 7th identified the initial low for this current upmove. As I stated then, I am looking for a move up toward the February top(98.99 on the GLD etf). The first price target is around 94 on GLD.

Crude Oil

The USO etf is fast approaching my 1st target of 32 as stated in my April 27th blog entry. I think the strength will continue for several more weeks as this current wave completes(probably above 35).