This is an excerpt from our March 1st Update to Subscribers and a sample of our updates: Join us with a 33% discount by going to www.MarketTrendForecast.com
SP 500- 1519 todays highs, and looking at the minor wave counts we can establish a few scenarios near term to ferret out direction.
1. 5 waves up from 1485 pivot is underway; Wave 1 1485-1524; Wave 2 1524-1501, exact 61% Fibonacci wave 2 pullback, common. Wave 3- 1501-current.
This would indicate are in the the final 5 waves of wave 5 of Major 3. In English, this is wave 3, then 4, then 5 of 5 to finish the whole thing off. Those projections result in 1552-1576 ranges still.
2. A drop below 1487 at this point would indicate something different and 1460 comes up on the radar.
In summary, the market is in the final stages of a 5 wave advance in our opinion. That advance so far has capped out at 1531, but may be trying to run to 1552-1576 yet. If we fall below 1487 pivots, then we can establish the like intermediate top is in at 1531, and begin to work on correction low projections.
We will keep you posted, but in any event… as we approach the pinnacle of this rally… the risks get higher in general.
GOLD- This morning we sent out the UGLD ETF analysis, which effectively shows that GOLD needs to hold this re-test pullback in the 1550’s to have a shot at completing the ABC-x-ABC Double three pattern we discussed last Friday at 1576 spot. We rallied to 1624 briefly, and came all the way back to the 1560’s areas today to re-test last weeks lows.
Monday may tell the tale for GOLD, has it managed to knock every Bull off it’s back before another advance? or … will the correction lower continue?