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).

S&P 500 Update

Yesterdays move above the April 17th high on the S&P 500 has invalidated my previous wave count. My updated count moves the wave 5 high to April 13th. The market has been showing good strength which I think will continue for several more weeks as waves 2 thru 5(or B,C) complete. However, we may have made a short term top here as a possible upwave within wave 2 completes.

Crude Oil Low

This is a six month chart of the Crude Oil ETF USO. The April 21st low is a .618 retracement of the A wave up from the February low. Todays sharp selloff looks like a successful retest of that low. The 1st price target is the wave A March high at 32. The April 21st low also forms the right shoulder of a head and shoulders bottom formation.

S&P 500 Top?

Below is my count for the S&P 500 showing a possible completed 5 wave formation at Thursdays close. If so, elliott wave rules would call for a move down to at least the start of the triangle(point 4).