We did indeed try to tag the SPX 820 area albeit a bit higher today (826.86) in wave 'b' as I had forecasted. Now we see a strong rally to the SPX 1020's ideally. We closed +151 on the Dow and +8 on the SPX near 858/859.
Tomorrow could be a huge up day in the markets and a top could occur on Thursday, so we need to be aware of that.
Likewise with the gold mining shares, looking for a slightly higher high than Nov 5 on the GDX to the $25 area.
One caveat: tomorrow is the 4 day cycle low. The current candlestick formation also looks suspicious to me. Could be we see a Wed/Fri type of rally. It remains to be seen. We remain long the stock market and gold mining shares, but will exit on strength likely over the next 2-3 days.
We use Elliott Wave, cycles as well as technical, and sentiment in order to determine the direction of the Stock Market and Gold Mining Share Market. Trades verified by Timer Trac and trade the close each day. Gold trades track Profunds/RYDEX/XAU mining shares and not bullion. Weekend blog is for the longer term outlook and review of the week. Please support the Welcome Home International Foundation (below) and help yourself by getting your own My Power Mall. Please pass this blog on to others.
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