Gold, Oil & Indices (Equity & Bond Indices)

yw :-)

made a few bucks with DOW up leg from 10790 ...but the leg proved rather short-legged. However one could easily predict DOW with 5 y price that was about 5 minutes ahead. Am out of stocks now.

Cityboy, its usually not helpfull to try project too far ahead as the projections would likely need revising as pattern develops further. The key question at mo is whether we take out the 10604 low quite soon or continue with a corrective pattern up before going south again.

My perspective is the 12876 high will prove to be a long term high which will not be seen again for some years ahead. If true then this first 5 wave series down we are working upon is only the first minor wave 1 down in a multi year bear mkt.

Once we have what looks like a short term low in place we can make more accurate projections for the potential ending of minor wave 2 back up. Wave 3 down then follows (which again has 5 waves within). Wave 3's are always the most impulsive in any 5 wave sequence and most often they are the longest wave in a sequence.

An eventual break of the 9614 pivot low (july 2010) will validate this bearish perspective and a break of the march 2009 low would confirm. Should the mkt trash these counts by going north to exceed the 12876 high this would invalidate the current "preferred" perspective. When I say "preferred" this is based upon what the chart is currently telling us, not connected with any personal wish (perish the thought) or fundamental opinion.

I have 5=1 at 10518 and 127.2% ext at 10242. Both levels worth watching for reactions at least. 78.6% at 10312 creating cluster coinciding with HVN from 2010 volume

NYSE internals benign so far today but its a quiet day for the eco calendar.