• 536 days Will The ECB Continue To Hike Rates?
  • 536 days Forbes: Aramco Remains Largest Company In The Middle East
  • 538 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 938 days Could Crypto Overtake Traditional Investment?
  • 942 days Americans Still Quitting Jobs At Record Pace
  • 944 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 947 days Is The Dollar Too Strong?
  • 948 days Big Tech Disappoints Investors on Earnings Calls
  • 949 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 950 days China Is Quietly Trying To Distance Itself From Russia
  • 951 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 955 days Crypto Investors Won Big In 2021
  • 955 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 956 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 958 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 958 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 962 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 962 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 963 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 965 days Are NFTs About To Take Over Gaming?
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

The Gold Wave Patterns Remain Bearish and SP 500 Near the Top

My most recent forecasts for the SP 500 and Gold have been calling for interim peaks in both around Mid- January. Gold, I told my subscribers a few weeks ago, was definitely topping and likely to drop now to $1270-$1280 per ounce before resuming the Bull Market advance. The SP 500 I have forecasted a 1285-1315 topping area since the 1175 pivot lows on that index, and we are very close as well in that regard.

Gold has been in a 9 plus year bull market since 2001 and has another 3 years plus left on this Bull run. However, pauses must occur along the way and this should be a 4th wave corrective Elliott pattern if my views are right. This is taking the form of a 3-3-5 correction from the $1430 top. We are in the final 5 waves down now, and it's about to get ugly near term so strap on your seatbelts. My chart forecast is below and if I'm right, there will be excellent opportunities to pick up some good Juniors and also the precious metals themselves around that $1270-$1280 area. Following this correction, we could have a run to about $1515 per ounce, and I expect this entire pattern to take 6 monthsl months to a year to play out from the $1430 top to the $1270 ish bottoms, and back to $1515.

Gold

The SP 500 is completing the final 5th wave movement from the 1010 Jul 1st lows this past summer. This is only the first full wave pattern movement of a big 5 wave leg up from July 1st. What this means in English is we have a near term top likely in the 1285-1315 areas, followed by a wave 2 correction to around the 1175-1180 areas. Sentiment right now is running at major extremes last seen at interim peaks in January of 2010 and April of 2010 where I had also forecasted tops within days of the peaks. I am looking for the SP 500 to end up around 1600 on the index after this coming wave 2 correction, but I like to take it one pivot and step at a time. Below is my forecast chartwise:

S&P500

 


If you would like to benefit from learning more about Elliott Wave based forecasting using my methods, which have been historically accurate, please check us out at www.markettrendforecast.com There is a coupon available if you'd like to subscribe or you can sign up for free occasional reports.

 

Back to homepage

Leave a comment

Leave a comment