Gold Near Low?

Gold may be near an intermediate or larger degree low - see orange line on chart below. If it holds above the April low, that would be a triple bottom formation.

Daily Chart of Gold CFD's - click to enlarge

Dow Update Revision - Near Potential High of Year?

This is an update to the prior Dow update on April 14th due to a program bug I discovered this week in one of the main programs I use. After adjusting the data for the invalid program dates the cycles are now shown to be neutral to bearish from now through most of the remainder of the year.

The up move that has been in force since December is indicated to possibly end at any time if not at this weeks highs on Tuesday and Wednesday. If so that would make the move up from the December low an X wave. Mid to late May would be the indicated latest date a top would occur.

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.

Potential Five Waves Up

The SP500/Dow are looking toppy here. I can count five waves up from the December low to the 2/25 - 3/4 highs. It's unclear if it's a wave A top or wave 1. I'm leaning toward wave A or it could also be a completed wave X. It is also possible the Dow could have one more wave up to complete the count.

New Blog Name

I am renaming this blog to Waves Blog as of today. That is so there will be no confusion with EWAVES software that is published by Elliot Wave International (discovered after this blog was founded).