Stock Market Update

S&P 500

The S&P 500 appears to have completed a bullish cup and handle formation. This may increase the chances of a fifth wave extension, however my current target remains 980-1000. Next resistance past 1000 is at 1018.


NASDAQ Composite

The NASDAQ count shows that we are now in a wave 3 (or C). A wave 3 count may correspond better with a fifth wave extension on the S&P 500. The next price target is 1997 and I would not be surprised to see at least 2200 before waves 3, 4 and 5 complete.

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.