• 657 days Will The ECB Continue To Hike Rates?
  • 658 days Forbes: Aramco Remains Largest Company In The Middle East
  • 659 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,064 days Americans Still Quitting Jobs At Record Pace
  • 1,066 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,069 days Is The Dollar Too Strong?
  • 1,069 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,072 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,076 days Crypto Investors Won Big In 2021
  • 1,076 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,079 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,080 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,083 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,084 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,084 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,086 days Are NFTs About To Take Over Gaming?
How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

David Banister

David Banister

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…

Contact Author

  1. Home
  2. Markets
  3. Other

SP 500 and Gold Still Have a Good Bit of Downside to Come?

Back on June 30th, I updated my subscribers that I was looking for an interim bounce in the SP 500 from the 1007 Fibonacci Pivot point to about 1071-1074, followed by much further downside. The chart is included here from June 30th for reference:

SPX

So far the market hit the 1010 area on the SP 500 and has bounced exactly to 1071, the 50% retracement of the most recent downleg from 1130-1110. This market has been acting in clear Elliott Wave patterns since my Mid-April prediction of a 5 wave 13 month top being in place. My theory was we would then correct in a Zig Zag fashion over about 3-5 months to as low as 920-970 on the SP 500 from 1220. Right now the market could climb a few percent higher, but is likely to rollover and break the 1010 lows, and drop to the 940 area before the completion of this Bull market correction comes to an end. Crowds move in very reliable behavioral patterns and I use those patterns to work around major pivot tops and bottoms to help with my investing plans. In Mid April the advice was for mutual fund and index investors to move to the sidelines based on the Wave patterns at the time, and that is still the case in my opinion.

Recently on Kitco.com and elsewhere, I also predicted a top in Gold after a 21 month rally covering nearly $600 an ounce. We dropped about $50 an ounce within 48 hours of my Elliott Wave analysis, and although Gold could bounce to $1225 near term, the likelihood is a multi-month correction that could take it below $ 1000 an ounce. Although I have been Gold Bull as it were since late 2001, it does appear that have 8 years and a recent 21 month rally that the Bull will need to rest and recover strength. This means an A B C correction is more likely than not, and it will take 6-8 months to work off the recent 21 month rally up.

If you would like to try TheMarketTrendForecast.com, please check out the website for yourself and I think you'll be pleased with the results.

 

Back to homepage

Leave a comment

Leave a comment