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SP500 and Gold In the Last Stages of the Rally From July

Stock-Markets / Stock Markets 2010 Dec 07, 2010 - 09:23 AM GMT

By: David_Banister

Stock-Markets

Best Financial Markets Analysis ArticleThe Elliott Wave patterns that I use to forecast movements ahead of time in the SP 500 and Gold for my subscribers have been textbook perfect for quite some time.  We can go back to the March 2009 lows and clearly identify 5 waves up to the 13 month initial rally high in April of this year.  This was followed by a clear ABC wave 2 pattern to the 1010 lows on July 1st.  Right now, the SP 500 is in wave 5 up since July 1st, and that means this is a terminal wave underway before a good sized correction ensues.


Investors should expect the SP 500 to rally up to 1285 as a minimal upside target, with the market likely peaking in the Mid January 2011 period prior to a new correction pattern.  That correction will take the markets down to the 1150-1180 ranges more than likely from the January highs and knock the sentiment levels back to bearish before the next big advance.  Below is where I see the current wave patterns, and as you can see, this is the 5th and final wave stage of the advance. Ride it up, but lighten up as we approach my figures is my advice. Subscribers to my TMTF service have been riding this stage of the bull long since early July, and we keep them updated every week on the action.

Gold has also completed it’s 4th wave corrective pattern at $1331 per ounce recently, and as I have forecasted recently should continue it’s upward trajectory to about $1480-$1525 before a good sized correction will ensue.  Gold bottomed this summer in a classic wave 2 correction at $1155 per ounce, which was a 50% Fibonacci re-tracement of the rally up to $1225 from $1040. 

My objectives are for this pattern to complete around the same time as the SP 500 peak in Mid January as well. Downside objectives from there are likely to be to the $1310 per ounce range from the $1480-$1525 peaks, but more on that as we approach.  I do not like to get too far ahead of myself in my projections, taking it one leg and pivot at a time.

Consider subscribing to our free reports today by going to www.MarketTrendForecast.com, and there you can take advantage of a one time coupon as well.  I cover the SP 500, Gold, and Silver on a regular basis.

Dave Banister

CIO-Founder
Active Trading Partners, LLC
www.ActiveTradingPartners.com
TheMarketTrendForecast.com

Dave Banister is the Chief Investment Strategist and commentator for ActiveTradingPartners.com.  David has written numerous market forecast articles on various sites (SafeHaven.Com, 321Gold.com, Gold-Eagle.com, TheStreet.Com etc. ) that have proven to be extremely accurate at major junctures.

© 2010 Copyright Dave Banister- All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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