• 3 hours $15,000 For Your Crypto’s Ticket To Visibility
  • 1 day The Next Fashion Frontier
  • 2 days What Is Africa’s Role In The New Silk Road?
  • 3 days Trump Was Right About The Dollar
  • 3 days Is Silver Gearing Up For A Rally?
  • 3 days World’s Largest Hedge Fund Turns Bullish On Gold
  • 3 days It’s Time To Spend More On Clean Energy R&D
  • 4 days Contrarian Investors Are Beating The Stock Market
  • 4 days Bulgaria’s Revenue Agency Falls Victim To Biggest Cyber Heist In History
  • 4 days Amazon Faces European Union Anti-Trust Probe
  • 4 days Commodities Are Having A Stellar Year
  • 5 days Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 5 days 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 5 days Tesla, Apple Claim China Is Stealing Intellectual Property
  • 5 days EV Giants Duke It Out For Battery Dominance
  • 6 days Tech Billionaire Takes Aim At Google
  • 6 days Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 6 days Expect A Pullback Before Gold's Next Major Rally
  • 6 days Why Interest On Gold Matters
  • 7 days Ten Extravagant Food Items For The Wealthy Only
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

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